BlackLine (NASDAQ:BL) Price Target Increased to $67.00 by Analysts at BMO Capital Markets

BlackLine (NASDAQ:BL) had its target price increased by analysts at BMO Capital Markets from $65.00 to $67.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 8.12% from the company’s previous close.

Several other brokerages have also issued reports on BL. Robert W. Baird increased their price target on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group raised their price objective 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. JPMorgan Chase & Co. reduced their price objective on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. William Blair downgraded shares of BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Finally, Wolfe Research assumed coverage on shares of BlackLine in a report on Monday, March 18th. They issued a “peer perform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $64.10.

BlackLine Trading Up 2.5 %

BL traded up $1.54 during trading on Wednesday, hitting $61.97. 387,342 shares of the stock traded hands, compared to its average volume of 881,315. The firm has a market capitalization of $3.83 billion, a P/E ratio of -621.70, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. 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 firm has a 50-day moving average of $62.49 and a 200 day moving average of $59.63. BlackLine has a 12-month low of $47.26 and a 12-month high of $69.31.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping 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 business had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. Equities research analysts anticipate that BlackLine will post 1.02 EPS for the current year.

Insider Buying and Selling

In related news, Director Kevin B. Thompson sold 4,500 shares of the company’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 value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Kevin B. Thompson sold 4,500 shares of the company’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 value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares in the company, valued at approximately $6,071,556. The disclosure for this sale can be found here. 9.53% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its position in BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares in the last quarter. TFO Wealth Partners LLC increased its holdings in BlackLine by 9,080.0% in the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after acquiring an additional 454 shares in the last quarter. YHB Investment Advisors Inc. acquired a new position in shares of BlackLine during the 1st quarter worth about $33,000. CVA Family Office LLC acquired a new position in shares of BlackLine during the fourth quarter valued at approximately $38,000. Finally, Federated Hermes Inc. lifted its position in shares of BlackLine by 505.2% in the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after acquiring an additional 773 shares in the last quarter. Hedge funds and other 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.