BlackLine (NASDAQ:BL) Cut to “Hold” at StockNews.com

BlackLine (NASDAQ:BL) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other equities analysts have also commented on BL. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a research note on Thursday, January 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. boosted their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $68.10.

BlackLine Stock Down 0.4 %

BL stock opened at $63.60 on Tuesday. The company’s 50 day moving average price is $61.57 and its 200 day moving average price is $56.07. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of 64.90, a PEG ratio of 8.97 and a beta of 0.91. BlackLine has a fifty-two week low of $43.37 and a fifty-two week 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.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 9.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BL. GAMMA Investing LLC lifted its holdings in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the period. Louisiana State Employees Retirement System increased its stake in BlackLine by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after purchasing an additional 200 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in BlackLine by 19.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after acquiring an additional 209 shares in the last quarter. Tidal Investments LLC grew its holdings 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 worth $747,000 after buying an additional 219 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after acquiring an additional 337 shares in the last quarter. 95.13% of the stock is 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.