BlackLine (NASDAQ:BL) Upgraded at Piper Sandler

Piper Sandler upgraded shares of BlackLine (NASDAQ:BL) from an underweight rating to a neutral rating in a research note published on Tuesday, Marketbeat Ratings reports. They currently have $62.00 price target on the technology company’s stock, up from their previous price target of $55.00.

Other equities analysts also recently issued reports about the stock. JMP Securities reiterated a market outperform rating and set a $81.00 price objective on shares of BlackLine in a research note on Wednesday, February 14th. JPMorgan Chase & Co. dropped their target price on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research report on Wednesday, February 14th. Robert W. Baird reduced their price target on BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Wolfe Research began coverage on BlackLine in a research report on Monday, March 18th. They set a peer perform rating on the stock. Finally, William Blair downgraded shares of BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, BlackLine currently has an average rating of Hold and an average price target of $62.20.

BlackLine Price Performance

BlackLine stock opened at $58.89 on Tuesday. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -588.90, a price-to-earnings-growth ratio of 10.92 and a beta of 0.86. The firm has a 50-day moving average of $62.04 and a two-hundred day moving average of $59.27. BlackLine has a 1 year low of $47.26 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.28. The business had revenue of $155.73 million during the quarter, compared to analysts’ expectations 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 forecast that BlackLine will post 1.02 earnings per share for the current year.

Insider Activity at BlackLine

In other news, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 51,470 shares in the company, valued at $3,088,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. 9.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

A number of hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares in the last quarter. CVA Family Office LLC purchased a new stake in BlackLine during the 4th quarter worth about $38,000. Federated Hermes Inc. raised its position in BlackLine by 505.2% in the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after purchasing an additional 773 shares in the last quarter. Operose Advisors LLC boosted its stake in shares of BlackLine by 291.2% in the 3rd quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock valued at $54,000 after buying an additional 728 shares during the period. Finally, Cutler Group LLC CA acquired a new position in shares of BlackLine during the third quarter worth about $74,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About BlackLine

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.