Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $66.00

BlackLine, Inc. (NASDAQ:BL) has been assigned an average recommendation of “Hold” from the twelve analysts that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $66.00.

BL has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. JMP Securities raised their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research report on Wednesday, November 20th. Finally, Citigroup upped their price objective on shares of BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, December 16th.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction 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 completion of 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 152,868 shares of company stock valued at $8,759,404 over the last 90 days. 9.93% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackLine

Several large investors have recently bought and sold shares of the stock. Point72 DIFC Ltd purchased a new stake in BlackLine during the 2nd quarter worth about $537,000. Icon Wealth Advisors LLC lifted its stake in BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after purchasing an additional 73,362 shares in the last quarter. Victory Capital Management Inc. increased its stake in BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its stake in BlackLine by 74.0% in the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after purchasing an additional 86,931 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Stock Down 2.1 %

Shares of BlackLine stock opened at $61.20 on Wednesday. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 62.45, a PEG ratio of 15.18 and a beta of 0.90. The firm’s 50-day moving average is $60.70 and its two-hundred day moving average is $53.46. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.