BlackLine (NASDAQ:BL) Price Target Raised to $60.00

BlackLine (NASDAQ:BL) had its target price lifted by Truist Financial from $55.00 to $60.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

Several other equities research analysts have also recently commented on the stock. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. JMP Securities reissued a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research note on Monday, July 15th. JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Piper Sandler increased their target price on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $70.00 in a research report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $62.60.

BlackLine Price Performance

NASDAQ:BL opened at $62.39 on Monday. The company has a quick ratio of 1.95, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The firm has a market cap of $3.90 billion, a PE ratio of 63.66, a price-to-earnings-growth ratio of 14.98 and a beta of 0.90. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company’s 50-day moving average price is $54.69 and its two-hundred day moving average price is $51.69.

Insider Buying and Selling at BlackLine

In related news, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction on 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 completion of the sale, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,495 shares of company stock worth $7,560,534 over the last 90 days. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of BlackLine in the second quarter valued at $32,000. EntryPoint Capital LLC bought a new stake in shares of BlackLine in the 1st quarter valued at about $36,000. 1620 Investment Advisors Inc. bought a new position in shares of BlackLine during the second quarter valued at about $64,000. Covestor Ltd boosted its holdings in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after acquiring an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.