Citigroup Lowers BlackLine (NASDAQ:BL) Price Target to $70.00

BlackLine (NASDAQ:BL) had its price target reduced by research analysts at Citigroup from $73.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 33.95% from the stock’s current price.

A number of other equities analysts have also commented on BL. Piper Sandler lowered their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, BMO Capital Markets decreased their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $66.40.

BlackLine Price Performance

BlackLine stock opened at $52.26 on Wednesday. The stock’s fifty day moving average price is $61.62 and its two-hundred day moving average price is $56.77. BlackLine has a one year low of $43.37 and a one year high of $69.31. 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 firm has a market cap of $3.27 billion, a PE ratio of 53.33, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last posted 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%. As a group, research analysts expect that BlackLine will post 1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction on 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 in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BL. SBI Securities Co. Ltd. acquired a new position in BlackLine during the 4th quarter worth about $31,000. Global Retirement Partners LLC lifted its holdings in BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after buying an additional 449 shares during the period. Quadrant Capital Group LLC lifted its holdings in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after buying an additional 414 shares during the period. GAMMA Investing LLC lifted its holdings in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after buying an additional 185 shares during the period. Finally, Headlands Technologies LLC acquired a new position in BlackLine during the 4th quarter worth about $50,000. 95.13% of the stock is owned by institutional investors and hedge funds.

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.