BlackLine (NASDAQ:BL) Coverage Initiated by Analysts at DA Davidson

DA Davidson started coverage on shares of BlackLine (NASDAQ:BL) in a research report released on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $58.00 price objective on the technology company’s stock.

Several other research firms have also weighed in on BL. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Piper Sandler dropped 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, February 12th. Truist Financial decreased their target price on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and increased their price target for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Finally, BMO Capital Markets cut their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $65.64.

BlackLine Price Performance

BL opened at $49.13 on Tuesday. The company has a fifty day moving average price of $53.61 and a two-hundred day moving average price of $56.86. The firm has a market capitalization of $3.09 billion, a PE ratio of 33.88, a P/E/G 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 $69.09. 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 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 21.63% and a net margin of 24.67%. As a group, analysts anticipate that BlackLine will post 0.9 earnings per share for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the sale, the executive now owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in BlackLine in the fourth quarter valued at $31,000. Global Retirement Partners LLC lifted its stake in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after purchasing an additional 414 shares during the last quarter. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the period. Finally, Headlands Technologies LLC acquired a new position in BlackLine during the fourth quarter worth approximately $50,000. 95.13% of the stock is currently 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.