Citigroup Cuts BlackLine (NASDAQ:BL) Price Target to $70.00

BlackLine (NASDAQ:BL) had its target price lowered by Citigroup from $73.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on BL. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $66.40.

BlackLine Price Performance

NASDAQ:BL opened at $51.37 on Wednesday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The stock’s 50-day moving average price is $61.15 and its 200-day moving average price is $56.77. The stock has a market capitalization of $3.21 billion, a PE ratio of 52.42, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. As a group, equities analysts expect that BlackLine will post 1 EPS for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.93% of the stock is currently owned by company insiders.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently modified their holdings of BL. Principal Financial Group Inc. boosted its position in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after buying an additional 34,919 shares during the period. Icon Wealth Advisors LLC lifted its stake in BlackLine by 307.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after acquiring an additional 12,415 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares during the period. Weiss Asset Management LP acquired a new position in BlackLine in the 3rd quarter valued at about $1,506,000. Finally, Eagle Asset Management Inc. increased its stake in BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after purchasing an additional 86,931 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.