BlackLine (NASDAQ:BL) Price Target Raised to $72.00

BlackLine (NASDAQ:BL) had its target price hoisted by Robert W. Baird from $61.00 to $72.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other brokerages also recently issued reports on BL. Piper Sandler raised BlackLine from an underweight rating to a neutral rating and increased their price objective for the stock from $55.00 to $62.00 in a research note on Tuesday, April 23rd. The Goldman Sachs Group raised their price target on shares of BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research note on Wednesday, February 14th. JMP Securities reissued a market outperform rating and set a $81.00 target price on shares of BlackLine in a research note on Wednesday, February 14th. Finally, William Blair downgraded shares of BlackLine from an outperform rating to a market perform rating in a research note 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 stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $64.10.

BlackLine Stock Performance

BlackLine stock opened at $59.51 on Wednesday. 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 company has a market cap of $3.68 billion, a P/E ratio of -595.10, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. BlackLine has a fifty-two week low of $47.26 and a fifty-two week high of $69.31. The firm’s 50 day simple moving average is $62.55 and its 200-day simple moving average is $59.63.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data 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 firm had revenue of $155.73 million for the quarter, compared to analysts’ expectations 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, equities research analysts predict that BlackLine will post 1.02 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was 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 directly owns 104,682 shares in the company, valued at approximately $6,071,556. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction 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 transaction, the executive now owns 104,682 shares in the company, valued at approximately $6,071,556. The sale 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 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 transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BL. Vanguard Group Inc. boosted its holdings in 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 period. Brown Advisory Inc. lifted 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 worth $118,624,000 after acquiring an additional 45,950 shares during the period. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 3.5% during 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 stake in shares of BlackLine during the third quarter valued at approximately $59,530,000. Finally, Northern Trust Corp raised its stake in shares of BlackLine by 16.7% in 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. 95.13% of the stock is 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.