BlackLine (NASDAQ:BL) Price Target Cut to $63.00

BlackLine (NASDAQ:BL) had its target price trimmed by Citigroup from $66.00 to $63.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group upped their price target on shares of BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research note on Tuesday, January 23rd. William Blair downgraded shares of BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Piper Sandler raised shares of BlackLine from an underweight rating to a neutral rating and increased their target price for the company from $55.00 to $62.00 in a research note on Tuesday. Wolfe Research started coverage on shares of BlackLine in a research note on Monday, March 18th. They issued a peer perform rating on the stock. Finally, Robert W. Baird reduced their target price on shares of BlackLine from $65.00 to $61.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $62.20.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $60.83 on Tuesday. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. The firm has a fifty day moving average price of $62.10 and a 200 day moving average price of $59.31. BlackLine has a fifty-two week low of $47.26 and a fifty-two week high of $69.31. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -608.30, a P/E/G ratio of 10.65 and a beta of 0.86.

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

Insider Transactions at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other BlackLine news, Director Thomas Unterman sold 750 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the transaction, the director now directly owns 51,470 shares in the company, valued at approximately $3,088,200. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of BlackLine by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 6,738,189 shares of the technology company’s stock valued at $420,733,000 after purchasing an additional 79,649 shares during the last quarter. Brown Advisory Inc. raised its position in shares of BlackLine by 2.5% in the 4th quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock valued at $118,624,000 after purchasing an additional 45,950 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of BlackLine by 3.5% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock valued at $88,342,000 after purchasing an additional 47,420 shares during the last quarter. Meritage Group LP purchased a new position in BlackLine during the 3rd quarter worth approximately $59,530,000. Finally, Northern Trust Corp raised its position in BlackLine by 16.7% during the 3rd quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock worth $43,671,000 after buying an additional 112,684 shares during the last quarter. 95.13% of the stock is currently owned by 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.