BlackLine (NASDAQ:BL) Stock Price Expected to Rise, JMP Securities Analyst Says

BlackLine (NASDAQ:BL) had its target price increased by investment analysts at JMP Securities from $81.00 to $86.00 in a report released on Friday,Benzinga reports. The firm currently has a “market outperform” rating on the technology company’s stock. JMP Securities’ price target indicates a potential upside of 39.16% from the company’s current price.

Several other research firms also recently issued reports on BL. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday. Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird lowered their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company 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 issued a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has an average rating of “Hold” and a consensus target price of $64.10.

BlackLine Stock Performance

NASDAQ:BL opened at $61.80 on Friday. The company has a market cap of $3.86 billion, a P/E ratio of 63.06, a P/E/G ratio of 13.54 and a beta of 0.90. The firm’s 50 day moving average is $55.75 and its two-hundred day moving average is $51.67. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Buying and Selling

In other news, CFO Mark Partin sold 85,308 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. The trade was a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 134,108 shares of company stock valued at $7,488,826 in the last quarter. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after buying an additional 642,772 shares in the last quarter. FMR LLC grew its holdings in shares of BlackLine by 1.3% in the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after acquiring an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after purchasing an additional 350,143 shares during the period. Geode Capital Management LLC boosted its position in shares of BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares during the period. Finally, Geneva Capital Management LLC increased its stake in BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.