Truist Financial Lowers BlackLine (NASDAQ:BL) Price Target to $55.00

BlackLine (NASDAQ:BL) had its price target dropped by analysts at Truist Financial from $60.00 to $55.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target indicates a potential upside of 5.24% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Morgan Stanley raised their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Piper Sandler cut their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday. Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Thursday, January 16th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $66.40.

BlackLine Trading Up 0.6 %

Shares of NASDAQ BL opened at $52.26 on Wednesday. BlackLine has a one year low of $43.37 and a one year high of $69.31. The firm has a market capitalization of $3.27 billion, a PE ratio of 53.33, a PEG ratio of 9.14 and a beta of 0.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The business has a 50-day moving average price of $61.62 and a two-hundred day moving average price of $56.77.

BlackLine (NASDAQ:BL) last announced 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, analysts predict that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction that occurred 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 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.93% of the stock is owned by company insiders.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BL. American Century Companies Inc. grew its holdings in BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock valued at $54,481,000 after buying an additional 889,570 shares during the last quarter. Engaged Capital LLC bought a new stake in shares of BlackLine during the third quarter valued at approximately $33,620,000. JPMorgan Chase & Co. increased its position in shares of BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares during the period. Raymond James Financial Inc. bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $23,770,000. Finally, Conestoga Capital Advisors LLC increased its position in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.