BlackLine (NASDAQ:BL) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a research report released on Monday.

A number of other equities analysts have also recently commented on the company. Morgan Stanley raised their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research report on Monday, January 6th. JMP Securities reissued a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $67.33.

BlackLine Stock Down 3.1 %

Shares of BL stock opened at $62.89 on Monday. 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 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market cap of $3.93 billion, a P/E ratio of 64.17, a P/E/G ratio of 13.52 and a beta of 0.91. The company has a 50 day simple moving average of $61.50 and a two-hundred day simple moving average of $55.68.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently bought and sold shares of BL. Engaged Capital LLC bought a new position in shares of BlackLine during the 3rd quarter valued at approximately $33,620,000. JPMorgan Chase & Co. boosted its stake in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares during the period. Conestoga Capital Advisors LLC increased its position in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after acquiring an additional 229,151 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of BlackLine by 3,027.3% in the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock valued at $12,403,000 after acquiring an additional 217,751 shares during the period. Institutional investors own 95.13% of the company’s stock.

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.