Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $66.40

Shares of BlackLine, Inc. (NASDAQ:BL) have received a consensus recommendation of “Hold” from the twelve analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $66.40.

Several research analysts have recently weighed in on the company. BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Truist Financial decreased their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Morgan Stanley boosted their price objective 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 issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Finally, Citigroup lowered their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th.

BlackLine Stock Up 0.3 %

Shares of NASDAQ:BL opened at $48.20 on Monday. The company has a 50 day moving average price of $56.17 and a two-hundred day moving average price of $56.75. The company has a market capitalization of $3.03 billion, a PE ratio of 33.24, a PEG ratio of 10.80 and a beta of 1.03. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Analysts forecast that BlackLine will post 0.9 earnings per share for the current year.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackLine

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its stake in BlackLine by 1.3% during the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after acquiring an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in BlackLine by 20.2% in 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 buying an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. grew its stake 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 worth $91,896,000 after buying an additional 435,271 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after buying an additional 3,498 shares in the last quarter. Finally, Topline Capital Management LLC acquired a new position in BlackLine in the 4th quarter worth about $60,572,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.