BlackLine, Inc. (NASDAQ:BL) Receives $66.00 Average Target Price from Brokerages

Shares of BlackLine, Inc. (NASDAQ:BL) have been given an average recommendation of “Hold” by the twelve analysts that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $66.00.

BL has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Piper Sandler lowered BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective for the company. in a research note on Monday, January 6th. Truist Financial raised their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price on the stock in a research note on Thursday, January 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 9.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake 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 last quarter. Point72 DIFC Ltd acquired a new stake in shares of BlackLine in the second quarter valued at approximately $537,000. Icon Wealth Advisors LLC increased its stake in shares of BlackLine by 307.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its stake in shares of BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after purchasing an additional 73,362 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of 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 purchasing an additional 9,820 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Performance

Shares of BL opened at $61.20 on Friday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 62.45, a P/E/G ratio of 13.51 and a beta of 0.91. The business’s fifty day simple moving average is $61.23 and its two-hundred day simple moving average is $55.06.

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.