BlackLine, Inc. (NASDAQ:BL) Receives Average Rating of “Hold” from Analysts

BlackLine, Inc. (NASDAQ:BL) has been assigned a consensus rating of “Hold” from the twelve brokerages that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $61.20.

Several equities research analysts recently weighed in on BL shares. Truist Financial upped their target price on shares of BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Robert W. Baird lowered their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $70.00 in a research report on Monday, September 30th.

Insider Transactions at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at $5,771,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Barbara Whye sold 5,378 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the transaction, the director now directly owns 6,777 shares in the company, valued at approximately $352,471.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,873 shares of company stock valued at $8,340,243. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd raised its holdings in shares of BlackLine by 346.5% in the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after buying an additional 24,713 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of BlackLine in the 1st quarter valued at approximately $1,572,000. Comerica Bank increased its holdings in shares of BlackLine by 11.8% in the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after purchasing an additional 13,066 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of BlackLine during the first quarter worth approximately $2,000,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of BlackLine during the first quarter worth approximately $907,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Stock Down 0.7 %

NASDAQ:BL opened at $55.11 on Tuesday. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The stock’s fifty day moving average is $53.19 and its two-hundred day moving average is $51.61. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 61.23, a price-to-earnings-growth ratio of 13.56 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same period in the prior year, the firm earned ($0.69) earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Research analysts anticipate that BlackLine will post 0.96 EPS for the current year.

About BlackLine

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.