JPMorgan Chase & Co. Raises BlackLine (NASDAQ:BL) Price Target to $50.00

BlackLine (NASDAQ:BL) had its price objective boosted by JPMorgan Chase & Co. from $47.00 to $50.00 in a report published on Friday, Benzinga reports. The brokerage currently has an underweight rating on the technology company’s stock.

Several other analysts have also commented on the stock. Citigroup lowered their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Robert W. Baird dropped their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler decreased their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. BTIG Research dropped their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Truist Financial reduced their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Two 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 stock. Based on data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and an average price target of $60.20.

BlackLine Price Performance

Shares of BL stock opened at $56.57 on Friday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The firm has a market cap of $3.50 billion, a P/E ratio of 245.96, a P/E/G ratio of 13.57 and a beta of 0.90. The business’s 50 day moving average price is $52.57 and its 200-day moving average price is $52.01.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $158.21 million. During the same quarter in the previous year, the business posted ($0.69) earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts anticipate that BlackLine will post 0.96 earnings per share for the current year.

Insider Activity

In related news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on 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 approximately $6,838,731.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,873 shares of company stock worth $8,340,243 over the last 90 days. 9.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackLine

A number of large investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd boosted its stake in shares of 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 last quarter. Cetera Investment Advisers purchased a new position in shares of BlackLine during the 1st quarter worth $1,572,000. Comerica Bank boosted its stake in shares of 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 last quarter. State of Alaska Department of Revenue purchased a new position in shares of BlackLine during the 1st quarter worth $2,000,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in shares of BlackLine during the 1st quarter worth $907,000. Institutional investors 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.