BlackLine (NASDAQ:BL) Earns “Neutral” Rating from Piper Sandler

BlackLine (NASDAQ:BL)‘s stock had its “neutral” rating reissued by analysts at Piper Sandler in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $60.00 price target on the technology company’s stock. Piper Sandler’s target price points to a potential downside of 2.91% from the stock’s previous close.

Several other equities analysts have also recently weighed in on BL. Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on BlackLine from $47.00 to $50.00 and gave the stock 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 on the stock in a research note on Wednesday, August 7th. BTIG Research lowered their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley lifted their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $63.60.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $61.80 on Wednesday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock’s fifty day simple moving average is $55.75 and its two-hundred day simple moving average is $51.67. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The stock has a market cap of $3.86 billion, a PE ratio of 63.08, a price-to-earnings-growth ratio of 13.54 and a beta of 0.90.

Insider Transactions at BlackLine

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % 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, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 134,108 shares of company stock valued at $7,488,826. 9.93% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BL. Quarry LP bought a new position in BlackLine in the second quarter worth $32,000. EntryPoint Capital LLC bought a new stake in BlackLine in the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the 2nd quarter worth about $64,000. Covestor Ltd increased its holdings in BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying 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.