BlackLine (NASDAQ:BL) Stock Price Expected to Rise, Piper Sandler Analyst Says

BlackLine (NASDAQ:BL) had its target price hoisted by Piper Sandler from $51.00 to $60.00 in a report released on Friday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other equities research analysts have also recently weighed in on the company. JMP Securities reissued a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. BTIG Research reduced their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Robert W. Baird reduced their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Truist Financial raised their target price on BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and an average target price of $62.60.

BlackLine Trading Up 3.6 %

Shares of BL stock opened at $62.52 on Friday. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. The business’s 50 day moving average is $54.17 and its two-hundred day moving average is $51.62. The company has a market cap of $3.89 billion, a PE ratio of 63.80, a price-to-earnings-growth ratio of 14.79 and a beta of 0.90.

Insiders Place Their Bets

In related news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,495 shares of company stock valued at $7,560,534 in the last 90 days. 9.93% of the stock is currently owned by insiders.

Institutional Trading of BlackLine

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP acquired a new stake in shares of BlackLine in the second quarter valued at about $32,000. EntryPoint Capital LLC bought a new position in shares of BlackLine in the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. bought a new position in shares of BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd lifted its holdings in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Company Profile

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.