BlackLine (NASDAQ:BL) Upgraded by StockNews.com to Buy Rating

BlackLine (NASDAQ:BL) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other analysts have also recently weighed in on the stock. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler downgraded BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target on the stock. in a research report on Monday, January 6th. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price on the stock in a report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.33.

BlackLine Stock Performance

BL stock traded up $1.26 during trading hours on Monday, hitting $61.72. 454,649 shares of the stock were exchanged, compared to its average volume of 520,309. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The firm has a market capitalization of $3.86 billion, a P/E ratio of 62.98, a P/E/G ratio of 13.52 and a beta of 0.91. The company has a 50-day simple moving average of $61.27 and a two-hundred day simple moving average of $55.51.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.93% of the stock is owned by insiders.

Institutional Trading of BlackLine

Hedge funds have recently made changes to their positions in the company. Quarry LP bought a new stake in shares of BlackLine in the second quarter worth $32,000. GAMMA Investing LLC grew its position in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the last quarter. Covestor Ltd grew its position in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares during the last quarter. KBC Group NV increased its stake in shares of BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after buying an additional 666 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of BlackLine during the second quarter worth about $220,000. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.