BlackLine, Inc. (NASDAQ:BL) Receives $61.80 Average Price Target from Analysts

Shares of BlackLine, Inc. (NASDAQ:BL) have earned an average rating of “Hold” from the eleven research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $62.20.

Several research analysts recently weighed in on the company. William Blair lowered BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Wolfe Research assumed coverage on BlackLine in a research report on Monday, March 18th. They issued a “peer perform” rating for the company. Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $55.00 to $62.00 in a research report on Tuesday. Citigroup decreased their price target on BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, JMP Securities restated a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a research note on Wednesday, February 14th.

BlackLine Stock Up 5.3 %

Shares of BL stock opened at $61.46 on Friday. BlackLine has a 1-year low of $47.26 and a 1-year high of $69.31. The stock’s fifty day moving average price is $62.04 and its 200 day moving average price is $59.27. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -614.60, a price-to-earnings-growth ratio of 10.19 and a beta of 0.86.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.28. The business had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. On average, research analysts expect that BlackLine will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the transaction, the director now owns 51,470 shares of the company’s stock, valued at $3,088,200. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

Institutional Trading of BlackLine

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in BlackLine by 253.7% in the 3rd quarter. SG Americas Securities LLC now owns 40,560 shares of the technology company’s stock worth $2,250,000 after buying an additional 29,093 shares in the last quarter. Schwartz Investment Counsel Inc. raised its stake in BlackLine by 13.3% during the third quarter. Schwartz Investment Counsel Inc. now owns 510,000 shares of the technology company’s stock worth $28,290,000 after acquiring an additional 60,000 shares during the period. Dakota Wealth Management acquired a new stake in BlackLine during the third quarter worth about $210,000. Redmond Asset Management LLC raised its stake in BlackLine by 1.7% during the third quarter. Redmond Asset Management LLC now owns 53,329 shares of the technology company’s stock worth $2,958,000 after acquiring an additional 916 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in BlackLine by 10.9% during the third quarter. Verdence Capital Advisors LLC now owns 6,220 shares of the technology company’s stock worth $345,000 after acquiring an additional 611 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.