BlackLine (NASDAQ:BL) Price Target Raised to $80.00

BlackLine (NASDAQ:BL) had its price target upped by Morgan Stanley from $70.00 to $80.00 in a report issued on Friday,Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Piper Sandler upped their price target on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. BTIG Research lowered their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Robert W. Baird reduced their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $63.60.

BlackLine Stock Performance

Shares of BL opened at $59.31 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The stock has a 50 day moving average price of $55.16 and a 200 day moving average price of $51.70. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 60.52, a price-to-earnings-growth ratio of 14.40 and a beta of 0.90.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now directly owns 113,865 shares in the company, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,495 shares of company stock valued at $7,560,534 over the last ninety days. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of hedge funds have recently bought and sold shares of BL. Vanguard Group Inc. raised its holdings in shares of BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the period. Engaged Capital LLC bought a new position in BlackLine during the 3rd quarter worth $33,620,000. Conestoga Capital Advisors LLC increased its position in BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after buying an additional 350,143 shares during the period. Squarepoint Ops LLC bought a new stake in BlackLine in the second quarter valued at $15,128,000. Finally, Dimensional Fund Advisors LP grew its position in shares of BlackLine by 65.4% during the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after acquiring an additional 229,151 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.