Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $61.20

BlackLine, Inc. (NASDAQ:BL) has received an average rating of “Hold” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $61.20.

Several equities research analysts recently issued reports on BL shares. JMP Securities reissued a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. Piper Sandler cut their price target on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. BTIG Research cut their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $70.00 in a report on Monday, September 30th. Finally, Robert W. Baird cut their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th.

BlackLine Price Performance

BlackLine stock opened at $59.45 on Tuesday. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The stock has a market capitalization of $3.70 billion, a P/E ratio of 66.06, a P/E/G ratio of 13.50 and a beta of 0.90. The firm’s 50-day moving average is $53.69 and its two-hundred day moving average is $51.70. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. During the same period last year, the company earned ($0.69) EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities analysts predict that BlackLine will post 0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,440,124.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,262,575. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,873 shares of company stock valued at $7,840,243 over the last 90 days. 9.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC bought a new stake in BlackLine in the third quarter worth about $485,000. Thrivent Financial for Lutherans raised its holdings in BlackLine by 4.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 44,639 shares of the technology company’s stock worth $2,462,000 after buying an additional 2,046 shares during the period. Mutual of America Capital Management LLC raised its holdings in BlackLine by 67.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 57,884 shares of the technology company’s stock worth $3,192,000 after buying an additional 23,294 shares during the period. Geneva Capital Management LLC raised its holdings in BlackLine by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after buying an additional 24,446 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after buying an additional 9,820 shares during the period. 95.13% of the stock is currently owned by institutional investors.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.