BlackLine (NASDAQ:BL) Shares Gap Up to $58.39

Shares of BlackLine, Inc. (NASDAQ:BL) gapped up before the market opened on Tuesday . The stock had previously closed at $58.39, but opened at $60.22. BlackLine shares last traded at $61.37, with a volume of 73,184 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BL. JPMorgan Chase & Co. dropped their target price on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Robert W. Baird lowered their price target on shares of BlackLine from $65.00 to $61.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. JMP Securities reissued a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a report on Wednesday, February 14th. Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $55.00 to $62.00 in a report on Tuesday. Finally, The Goldman Sachs Group boosted their price target on shares of BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a report on Tuesday, January 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has an average rating of “Hold” and a consensus target price of $62.20.

BlackLine Trading Down 2.5 %

The company’s fifty day moving average price is $62.06 and its two-hundred day moving average price is $59.27. The firm has a market cap of $3.70 billion, a P/E ratio of -599.30, a price-to-earnings-growth ratio of 10.37 and a beta of 0.86. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.28. The business had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. As a group, sell-side analysts predict that BlackLine, Inc. will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling

In other BlackLine news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the transaction, the director now directly owns 51,470 shares in the company, valued at approximately $3,088,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the transaction, the director now owns 51,470 shares in the company, valued at $3,088,200. The disclosure for this sale can be found here. 9.53% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

A number of hedge funds have recently modified their holdings of the company. CWM LLC raised its position in shares of BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares during the period. Arizona State Retirement System increased its stake in BlackLine by 1.6% during the 3rd quarter. Arizona State Retirement System now owns 14,639 shares of the technology company’s stock worth $812,000 after purchasing an additional 227 shares in the last quarter. NBC Securities Inc. increased its stake in BlackLine by 2.5% during the 4th quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock worth $740,000 after purchasing an additional 285 shares in the last quarter. Portside Wealth Group LLC increased its stake in BlackLine by 4.6% during the 4th quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock worth $505,000 after purchasing an additional 359 shares in the last quarter. Finally, TFO Wealth Partners LLC increased its stake in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after purchasing an additional 454 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.