BlackLine (NASDAQ:BL) Price Target Cut to $40.00 by Analysts at Truist Financial

BlackLine (NASDAQ:BL) had its price target cut by investment analysts at Truist Financial from $55.00 to $40.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would indicate a potential downside of 5.27% from the company’s current price.

Other analysts have also recently issued reports about the stock. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Citigroup cut their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. BMO Capital Markets lowered their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, Piper Sandler reduced their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday, February 12th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $64.27.

BlackLine Stock Down 4.2 %

Shares of BL stock traded down $1.87 during trading hours on Monday, hitting $42.23. 91,238 shares of the company were exchanged, compared to its average volume of 797,709. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 28.87, a P/E/G ratio of 10.80 and a beta of 0.97. BlackLine has a one year low of $40.93 and a one year high of $69.09. The business’s 50-day simple moving average is $52.79 and its two-hundred day simple moving average is $56.77. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Sell-side analysts predict that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new position in BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC increased its holdings in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC raised its position in shares of BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after buying an additional 414 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in BlackLine during the fourth quarter worth about $50,000. 95.13% of the stock is currently owned by institutional investors.

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.