BlackLine (NASDAQ:BL) Given New $60.00 Price Target at Piper Sandler

BlackLine (NASDAQ:BL) had its target price boosted by Piper Sandler from $51.00 to $60.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective indicates a potential downside of 0.61% from the company’s previous close.

A number of other brokerages also recently weighed in on BL. Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $70.00 in a research note on Monday, September 30th. JMP Securities reissued a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Robert W. Baird lowered their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Truist Financial raised their price target on shares of BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.10.

BlackLine Price Performance

Shares of NASDAQ BL opened at $60.37 on Friday. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The firm has a fifty day simple moving average of $53.91 and a 200 day simple moving average of $51.65. The company has a market capitalization of $3.75 billion, a PE ratio of 61.60, a P/E/G ratio of 14.36 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.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,873 shares of company stock worth $7,840,243. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BL. Vanguard Group Inc. boosted its holdings in BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the period. Squarepoint Ops LLC bought a new stake in BlackLine in the second quarter worth about $15,128,000. Dimensional Fund Advisors LP raised its position in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after acquiring an additional 229,151 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in BlackLine by 3,027.3% in the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after acquiring an additional 217,751 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

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.