Truist Financial Forecasts Strong Price Appreciation for BlackLine (NASDAQ:BL) Stock

BlackLine (NASDAQ:BL) had its target price upped by analysts at Truist Financial from $45.00 to $55.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would suggest a potential downside of 0.92% from the company’s previous close.

Several other equities research analysts have also issued reports on BL. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $70.00 in a research note on Monday, September 30th. JMP Securities reiterated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research note on Monday, July 15th. BTIG Research lowered their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler lowered their price target on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus target price of $61.20.

BlackLine Trading Up 0.3 %

BL opened at $55.51 on Thursday. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm’s fifty day moving average is $53.00 and its two-hundred day moving average is $51.77. The firm has a market cap of $3.45 billion, a PE ratio of 61.68, a price-to-earnings-growth ratio of 13.75 and a beta of 0.90.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the business posted ($0.69) earnings per share. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. Equities research analysts anticipate that BlackLine will post 0.96 EPS for the current year.

Insider Buying and Selling

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now owns 115,424 shares in the company, valued at $5,771,200. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the transaction, the director now directly owns 6,777 shares in the company, valued at approximately $352,471.77. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 150,873 shares of company stock valued at $8,340,243. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares in the last quarter. Conestoga Capital Advisors LLC grew its holdings in BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after acquiring an additional 229,151 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in BlackLine by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock worth $22,299,000 after acquiring an additional 116,900 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in BlackLine during the 2nd quarter worth approximately $15,128,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Company Profile

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.