BlackLine (NASDAQ:BL) PT Lowered to $55.00 at Piper Sandler

BlackLine (NASDAQ:BL) had its price objective reduced by Piper Sandler from $62.00 to $55.00 in a research note released on Friday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

BL has been the topic of several other research reports. Citigroup dropped their price target on BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a research note on Friday, June 28th. 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, May 8th. BMO Capital Markets boosted their price target on BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research note on Wednesday, May 8th. William Blair upgraded BlackLine to a hold rating in a research note on Tuesday, May 7th. Finally, Wolfe Research assumed coverage on BlackLine in a research note on Monday, March 18th. They set a peer perform rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, BlackLine has an average rating of Hold and an average price target of $62.78.

BlackLine Trading Up 0.2 %

Shares of NASDAQ:BL opened at $47.99 on Friday. BlackLine has a 12-month low of $43.79 and a 12-month high of $69.31. The business’s fifty day simple moving average is $50.03 and its 200-day simple moving average is $57.08. The company has a market capitalization of $2.97 billion, a PE ratio of 208.65, a P/E/G ratio of 5.53 and a beta of 0.86. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. The business had revenue of $157.46 million for the quarter, compared to the consensus estimate of $155.05 million. As a group, equities research analysts predict that BlackLine will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total value of $2,369,000.00. Following the completion of the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jimmy C. Duan bought 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The stock was acquired at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the acquisition, the insider now directly owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total value of $2,369,000.00. Following the transaction, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently made changes to their positions in the company. CWM LLC raised its holdings in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares during the last quarter. TFO Wealth Partners LLC raised its holdings in shares of BlackLine by 9,080.0% during the fourth quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after acquiring an additional 454 shares during the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of BlackLine in the first quarter valued at approximately $33,000. EntryPoint Capital LLC purchased a new stake in shares of BlackLine in the first quarter valued at approximately $36,000. Finally, CVA Family Office LLC purchased a new stake in shares of BlackLine in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds 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.