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

Shares of BlackLine, Inc. (NASDAQ:BL) have been given an average rating of “Hold” by the twelve ratings firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $63.56.

BL has been the topic of a number of recent research reports. BMO Capital Markets lifted their target price on BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a research report on Wednesday, May 8th. William Blair upgraded shares of BlackLine to a “hold” rating in a report on Tuesday, May 7th. Wolfe Research started coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. Robert W. Baird lifted their price target on shares of BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Finally, Piper Sandler upgraded shares of BlackLine from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $55.00 to $62.00 in a research note on Tuesday, April 23rd.

Insider Activity

In other BlackLine news, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total value of $2,369,000.00. Following the transaction, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other BlackLine news, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total value of $2,369,000.00. Following the sale, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Owen Ryan purchased 3,000 shares of the stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $49.88 per share, with a total value of $149,640.00. Following the acquisition, the chief executive officer now directly owns 145,948 shares in the company, valued at approximately $7,279,886.24. The disclosure for this purchase can be found here. Corporate insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BL. Federated Hermes Inc. boosted its position in BlackLine by 505.2% during the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after buying an additional 773 shares during the period. Northern Trust Corp grew its stake in shares of BlackLine by 16.7% in the third quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock worth $43,671,000 after purchasing an additional 112,684 shares during the last quarter. Natixis Advisors L.P. increased its holdings in BlackLine by 7.0% in the third quarter. Natixis Advisors L.P. now owns 29,431 shares of the technology company’s stock valued at $1,633,000 after purchasing an additional 1,933 shares during the period. iA Global Asset Management Inc. bought a new position in BlackLine during the 3rd quarter worth $556,000. Finally, Advisors Capital Management LLC lifted its holdings in BlackLine by 14.2% during the 3rd quarter. Advisors Capital Management LLC now owns 44,440 shares of the technology company’s stock worth $2,465,000 after buying an additional 5,541 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Up 0.0 %

BlackLine stock opened at $48.07 on Wednesday. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 209.00, a PEG ratio of 5.59 and a beta of 0.86. The company’s 50 day simple moving average is $51.88 and its 200 day simple moving average is $57.95. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. BlackLine has a fifty-two week low of $43.79 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.10. The firm had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. As a group, sell-side analysts anticipate that BlackLine will post 1.1 EPS for the current year.

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.