BlackLine (NASDAQ:BL) Price Target Lowered to $54.00 at Citigroup

BlackLine (NASDAQ:BL) had its price target lowered by Citigroup from $62.00 to $54.00 in a report published on Friday, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Other analysts have also issued reports about the company. William Blair raised BlackLine to a hold rating in a report on Tuesday, May 7th. Wolfe Research initiated coverage on BlackLine in a research report on Monday, March 18th. They issued a peer perform rating on the stock. BMO Capital Markets raised their target price on BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research report on Wednesday, May 8th. Robert W. Baird raised their target price on BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. Finally, Piper Sandler upgraded BlackLine from an underweight rating to a neutral rating and raised their target price for the company from $55.00 to $62.00 in a research report on Tuesday, April 23rd. 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 stock. According to data from MarketBeat, BlackLine currently has an average rating of Hold and a consensus price target of $63.56.

BlackLine Trading Down 0.8 %

Shares of BlackLine stock opened at $48.05 on Friday. The stock has a market cap of $2.97 billion, a PE ratio of 208.91, a price-to-earnings-growth ratio of 5.59 and a beta of 0.86. The firm has a fifty day moving average price of $52.15 and a 200 day moving average price of $58.05. BlackLine has a 1 year low of $43.79 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30.

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

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the transaction, the executive now directly owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction dated Wednesday, May 1st. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 229,341 shares in the company, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by insiders.

Institutional Trading of BlackLine

A number of large investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine in the 1st quarter valued at about $907,000. Cetera Investment Advisers acquired a new stake in BlackLine during the 1st quarter worth approximately $1,572,000. Comerica Bank lifted its position in BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after acquiring an additional 13,066 shares during the period. Price T Rowe Associates Inc. MD lifted its position in BlackLine by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,216 shares of the technology company’s stock worth $1,952,000 after acquiring an additional 2,106 shares during the period. Finally, Quadrature Capital Ltd lifted its position in BlackLine by 346.5% during the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock worth $2,055,000 after acquiring an additional 24,713 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

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.