BlackLine, Inc. (NASDAQ:BL) Receives $64.10 Consensus Target Price from Brokerages

BlackLine, Inc. (NASDAQ:BL) has been assigned a consensus recommendation of “Hold” from the twelve analysts that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $64.10.

A number of research analysts have commented on the stock. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. Morgan Stanley increased their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. 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. JPMorgan Chase & Co. increased their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Finally, Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th.

Insider Transactions at BlackLine

In related news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their ownership of the stock. 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 over the last ninety days. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

A number of institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of BlackLine in the second quarter worth $32,000. 1620 Investment Advisors Inc. acquired a new stake in shares of BlackLine in the second quarter worth $64,000. Covestor Ltd lifted its stake in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of BlackLine in the second quarter worth $145,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Price Performance

Shares of BL stock opened at $63.50 on Friday. The company has a market capitalization of $3.97 billion, a PE ratio of 64.80, a price-to-earnings-growth ratio of 14.64 and a beta of 0.90. The firm has a fifty day simple moving average of $58.08 and a 200-day simple moving average of $51.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31.

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.