BlackLine (NASDAQ:BL) PT Lowered to $51.00 at Piper Sandler

BlackLine (NASDAQ:BL) had its target price lowered by Piper Sandler from $55.00 to $51.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Several other equities analysts have also weighed in on the company. BMO Capital Markets increased their price objective on BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a report on Wednesday, May 8th. JMP Securities reissued a market outperform rating and set a $81.00 price objective on shares of BlackLine in a report on Monday, July 15th. William Blair raised BlackLine to a hold rating in a report on Tuesday, May 7th. Citigroup reduced their price objective on BlackLine from $62.00 to $54.00 and set a neutral rating for the company in a report on Friday, June 28th. Finally, Robert W. Baird increased their price objective on BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, BlackLine presently has a consensus rating of Hold and an average price target of $58.78.

BlackLine Stock Up 0.9 %

Shares of BlackLine stock traded up $0.48 on Wednesday, hitting $51.66. The company had a trading volume of 750,576 shares, compared to its average volume of 977,919. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 224.61, a P/E/G ratio of 5.32 and a beta of 0.86. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The stock has a 50 day moving average of $47.03 and a 200-day moving average of $55.58. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. The firm had revenue of $160.51 million during the quarter, compared to the consensus estimate of $158.21 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.69) earnings per share. As a group, sell-side analysts forecast that BlackLine will post 1.1 earnings per share for the current year.

Insider Transactions at BlackLine

In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the acquisition, the insider now directly owns 50,360 shares in the company, valued at $2,403,682.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Owen Ryan bought 3,000 shares of BlackLine stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $49.88 per share, for a total transaction of $149,640.00. Following the acquisition, the chief executive officer now owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jimmy C. Duan bought 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the acquisition, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The disclosure for this purchase can be found here. Company insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BL. Dimensional Fund Advisors LP boosted its position in shares of BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Wrapmanager Inc. boosted its position in shares of BlackLine by 17.2% in the 2nd quarter. Wrapmanager Inc. now owns 4,899 shares of the technology company’s stock worth $237,000 after purchasing an additional 719 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of BlackLine by 10,005.6% in the 2nd quarter. Federated Hermes Inc. now owns 67,000 shares of the technology company’s stock worth $3,246,000 after purchasing an additional 66,337 shares in the last quarter. American Century Companies Inc. boosted its position in shares of BlackLine by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 17,351 shares of the technology company’s stock worth $841,000 after purchasing an additional 2,520 shares in the last quarter. Finally, Pier Capital LLC boosted its position in shares of BlackLine by 9.0% in the 2nd quarter. Pier Capital LLC now owns 149,817 shares of the technology company’s stock worth $7,259,000 after purchasing an additional 12,396 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.