BlackLine (NASDAQ:BL) Price Target Raised to $73.00 at Citigroup

BlackLine (NASDAQ:BL) had its price target lifted by Citigroup from $64.00 to $73.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

A number of other research analysts have also recently issued reports on BL. JMP Securities boosted their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two equities research 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Trading Up 1.7 %

NASDAQ:BL opened at $64.94 on Monday. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 66.27, a PEG ratio of 15.18 and a beta of 0.90. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The business’s 50-day moving average price is $59.48 and its two-hundred day moving average price is $52.54. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insiders Place Their Bets

In other news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 158,516 shares of company stock valued at $9,058,748 over the last ninety days. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its position in shares of BlackLine by 1.3% in the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after buying an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Geode Capital Management LLC raised its position in BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares in the last quarter. Geneva Capital Management LLC lifted its stake in BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares during the last quarter. Finally, Engaged Capital LLC acquired a new stake in shares of BlackLine in the 3rd quarter valued at $33,620,000. Institutional investors own 95.13% of the company’s stock.

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.