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

BlackLine (NASDAQ:BL) had its target price cut by Citigroup from $66.00 to $63.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

BL has been the topic of a number of other research reports. Robert W. Baird lowered their price target on shares of BlackLine from $65.00 to $61.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. The Goldman Sachs Group upped their price target on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research report on Tuesday, January 23rd. JMP Securities reiterated a market outperform rating and set a $81.00 price target on shares of BlackLine in a research note on Wednesday, February 14th. Piper Sandler upgraded BlackLine from an underweight rating to a neutral rating and boosted their price objective for the company from $55.00 to $62.00 in a research note on Tuesday. Finally, Wolfe Research began coverage on shares of BlackLine in a report on Monday, March 18th. They set a peer perform rating on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $62.20.

BlackLine Stock Down 1.7 %

Shares of NASDAQ:BL opened at $58.89 on Tuesday. BlackLine has a 1 year low of $47.26 and a 1 year high of $69.31. The company has a market capitalization of $3.64 billion, a PE ratio of -588.90, a price-to-earnings-growth ratio of 10.92 and a beta of 0.86. The business has a fifty day moving average price of $62.04 and a two-hundred day moving average price of $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.

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. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. Analysts forecast that BlackLine will post 1.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The stock was 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 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 of the company’s stock, valued at approximately $3,088,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the firm’s 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 sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of BlackLine by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 6,738,189 shares of the technology company’s stock worth $420,733,000 after purchasing an additional 79,649 shares in the last quarter. Brown Advisory Inc. lifted its stake in BlackLine by 2.5% in the 4th quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock worth $118,624,000 after purchasing an additional 45,950 shares in the last quarter. Conestoga Capital Advisors LLC lifted its stake in BlackLine by 3.5% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock worth $88,342,000 after purchasing an additional 47,420 shares in the last quarter. Meritage Group LP bought a new position in shares of BlackLine during the 3rd quarter valued at about $59,530,000. Finally, Northern Trust Corp grew its position in shares of BlackLine by 16.7% during the third quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock valued at $43,671,000 after purchasing an additional 112,684 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

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.