BMO Capital Markets Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its target price lowered by investment analysts at BMO Capital Markets from $68.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ target price points to a potential upside of 14.81% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Thursday, January 16th. Truist Financial lifted their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JMP Securities restated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Stock Up 0.6 %

BL stock opened at $52.26 on Wednesday. The company has a market cap of $3.27 billion, a P/E ratio of 53.33, a P/E/G ratio of 9.14 and a beta of 0.92. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company’s 50-day moving average price is $61.62 and its 200 day moving average price is $56.77. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, research analysts expect that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s 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 completion of the transaction, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in shares of BlackLine during the 4th quarter valued at about $31,000. Global Retirement Partners LLC increased its stake in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after acquiring an additional 449 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after acquiring an additional 414 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after acquiring an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of BlackLine during the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.