BlackLine (NASDAQ:BL) PT Raised to $67.00

BlackLine (NASDAQ:BL) had its price target hoisted by BMO Capital Markets from $65.00 to $67.00 in a research report report published on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the technology company’s stock.

BL has been the topic of a number of other research reports. William Blair downgraded BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. decreased their price target 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 boosted their price target on BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research note on Wednesday. Citigroup reduced their price objective on shares of BlackLine from $66.00 to $63.00 and set a neutral rating on the stock in a research note on Tuesday, April 23rd. Finally, JMP Securities restated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $64.10.

BlackLine Trading Down 1.5 %

BL stock opened at $59.51 on Wednesday. BlackLine has a 52 week low of $47.26 and a 52 week high of $69.31. The company has a market capitalization of $3.68 billion, a PE ratio of -595.10, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The company’s 50-day simple moving average is $62.55 and its 200 day simple moving average is $59.63. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data 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. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The firm had revenue of $155.73 million during the quarter, compared to the consensus estimate of $154.24 million. As a group, sell-side analysts anticipate that BlackLine will post 1.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the sale, the executive now directly owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the transaction, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $258,750.00. Following the completion of the sale, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

A number of hedge funds have recently made changes to their positions in the stock. Verdence Capital Advisors LLC raised its holdings in BlackLine by 10.9% during the 3rd quarter. Verdence Capital Advisors LLC now owns 6,220 shares of the technology company’s stock worth $345,000 after purchasing an additional 611 shares during the last quarter. Strs Ohio raised its stake in BlackLine by 19.2% during the third quarter. Strs Ohio now owns 3,100 shares of the technology company’s stock worth $171,000 after buying an additional 500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in BlackLine by 2.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,107 shares of the technology company’s stock valued at $1,393,000 after buying an additional 626 shares during the period. Park Avenue Securities LLC bought a new stake in BlackLine during the third quarter valued at $446,000. Finally, Baron Wealth Management LLC bought a new stake in BlackLine during the third quarter valued at $209,000. 95.13% of the stock is currently owned by institutional investors.

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.