JMP Securities Forecasts Strong Price Appreciation for BlackLine (NASDAQ:BL) Stock

BlackLine (NASDAQ:BL) had its target price boosted by investment analysts at JMP Securities from $81.00 to $86.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “market outperform” rating on the technology company’s stock. JMP Securities’ price target suggests a potential upside of 37.16% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Piper Sandler reissued a “neutral” rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday. BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Robert W. Baird lowered their target price 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.10.

BlackLine Stock Performance

Shares of BL opened at $62.70 on Friday. The firm has a market cap of $3.92 billion, a P/E ratio of 63.98, a PEG ratio of 14.48 and a beta of 0.90. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm’s 50 day moving average price is $56.26 and its two-hundred day moving average price is $51.76.

Insider Activity

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s 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 completion of the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is currently owned by corporate insiders.

Institutional Trading of BlackLine

A number of institutional investors have recently bought and sold shares of the company. Quarry LP acquired a new position in shares of BlackLine during the 2nd quarter valued at $32,000. EntryPoint Capital LLC acquired a new position in shares of BlackLine during the first quarter valued at about $36,000. 1620 Investment Advisors Inc. bought a new position in shares of BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd grew its stake in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares during the period. Finally, Fifth Third Bancorp grew its stake in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares during the period. Institutional investors own 95.13% of the company’s stock.

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.