BlackLine (NASDAQ:BL) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a report published on Monday morning.

BL has been the topic of a number of other research reports. Morgan Stanley upped their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a research note on Thursday, January 16th. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective for the company. in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $67.33.

BlackLine Price Performance

Shares of BlackLine stock opened at $61.72 on Monday. 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 company has a market cap of $3.86 billion, a PE ratio of 62.98, a price-to-earnings-growth ratio of 13.52 and a beta of 0.91. The firm has a fifty day moving average price of $61.27 and a two-hundred day moving average price of $55.51. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BL. Principal Financial Group Inc. lifted its position in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after buying an additional 34,919 shares in the last quarter. Icon Wealth Advisors LLC raised its holdings 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 acquiring an additional 12,415 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in BlackLine by 430.5% during 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 during the last quarter. Victory Capital Management Inc. grew 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 in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of BlackLine during the 3rd quarter worth approximately $1,506,000. 95.13% of the stock is currently owned by institutional investors.

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.