BlackLine (NASDAQ:BL) Rating Increased to Buy at Bank of America

BlackLine (NASDAQ:BLGet Free Report) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm presently has a $75.00 target price on the technology company’s stock, up from their prior target price of $50.00. Bank of America‘s price target indicates a potential upside of 19.26% from the company’s previous close.

A number of other brokerages have also recently commented on BL. Morgan Stanley raised their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. JMP Securities restated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective for the company. in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $68.10.

Read Our Latest Stock Report on BL

BlackLine Stock Down 3.1 %

Shares of NASDAQ:BL opened at $62.89 on Thursday. The business has a 50-day moving average price of $61.50 and a 200 day moving average price of $55.68. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 64.17, a PEG ratio of 13.52 and a beta of 0.91. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31.

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $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 can be accessed through this link. 9.93% of the stock is owned by company insiders.

Institutional Trading of BlackLine

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

About BlackLine

(Get Free Report)

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.

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