Citigroup Upgrades BlackLine (NASDAQ:BL) to “Buy”

BlackLine (NASDAQ:BL) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Thursday, MarketBeat Ratings reports. The firm currently has a $73.00 price target on the technology company’s stock. Citigroup’s price target suggests a potential upside of 22.38% from the company’s previous close.

Several other analysts have also commented on BL. Piper Sandler lowered shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target on the stock. in a research report on Monday, January 6th. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial raised their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Stock Down 0.6 %

BL stock opened at $59.65 on Thursday. The firm has a market cap of $3.73 billion, a PE ratio of 60.87, a P/E/G ratio of 12.60 and a beta of 0.91. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm’s fifty day moving average is $61.28 and its 200 day moving average is $54.89. BlackLine has a one year low of $43.37 and a one year high of $69.31.

Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors have recently bought and sold shares of BL. American Century Companies Inc. raised its stake in BlackLine by 17.0% during the second quarter. American Century Companies Inc. now owns 17,351 shares of the technology company’s stock worth $841,000 after purchasing an additional 2,520 shares during the period. Federated Hermes Inc. raised its stake in BlackLine by 10,005.6% during the second quarter. Federated Hermes Inc. now owns 67,000 shares of the technology company’s stock worth $3,246,000 after purchasing an additional 66,337 shares during the period. Dimensional Fund Advisors LP raised its stake in BlackLine by 65.4% during the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares during the period. Blair William & Co. IL raised its stake in BlackLine by 1.4% during the second quarter. Blair William & Co. IL now owns 89,021 shares of the technology company’s stock worth $4,313,000 after purchasing an additional 1,240 shares during the period. Finally, Sei Investments Co. raised its stake in BlackLine by 8.0% during the second quarter. Sei Investments Co. now owns 185,444 shares of the technology company’s stock worth $8,985,000 after purchasing an additional 13,692 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.