BlackLine (NASDAQ:BL) Lowered to Underweight Rating by Piper Sandler

Piper Sandler downgraded shares of BlackLine (NASDAQ:BL) from a neutral rating to an underweight rating in a research note released on Monday, Marketbeat.com reports. Piper Sandler currently has $60.00 price target on the technology company’s stock.

A number of other equities research analysts have also recently weighed in on BL. Citigroup increased their price target on BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. 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. JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Finally, JMP Securities upped their price target on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus price target of $66.00.

BlackLine Stock Down 4.4 %

Shares of BlackLine stock opened at $58.95 on Monday. The firm has a market cap of $3.68 billion, a PE ratio of 60.15, a P/E/G ratio of 15.18 and a beta of 0.91. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The business’s 50 day simple moving average is $61.15 and its 200 day simple moving average is $54.33. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BL. GAMMA Investing LLC grew its holdings in shares of 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 last quarter. JPMorgan Chase & Co. grew its holdings in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares during the last quarter. Principal Financial Group Inc. increased its position in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after acquiring an additional 34,919 shares during the period. 272 Capital LP increased its position in BlackLine by 30.8% in the 3rd quarter. 272 Capital LP now owns 68,437 shares of the technology company’s stock valued at $3,774,000 after acquiring an additional 16,107 shares during the period. Finally, Tidal Investments LLC raised its stake in shares of BlackLine by 1.6% during the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after acquiring an additional 219 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

About BlackLine

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.