BlackLine, Inc. (NASDAQ:BL) Given Average Rating of “Hold” by Brokerages

BlackLine, Inc. (NASDAQ:BL) has received an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $60.00.

Several brokerages have issued reports on BL. Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and lowered their price objective for the stock from $58.00 to $46.00 in a research report on Wednesday, April 23rd. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Truist Financial lowered their target price on shares of BlackLine from $55.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Finally, Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th.

BlackLine Trading Down 0.8 %

Shares of BlackLine stock opened at $46.85 on Tuesday. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The company has a market capitalization of $2.96 billion, a P/E ratio of 32.31, a PEG ratio of 10.80 and a beta of 0.97. The company’s fifty day moving average is $47.46 and its two-hundred day moving average is $55.68.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Analysts forecast that BlackLine will post 0.9 earnings per share for the current year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in 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 acquiring an additional 34,919 shares during the last quarter. JPMorgan Chase & Co. raised its position 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 acquiring an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC raised 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 worth $128,439,000 after acquiring an additional 354,784 shares during the last quarter. Pacer Advisors Inc. raised its position in BlackLine by 154.1% during the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company’s stock worth $253,000 after acquiring an additional 2,522 shares during the last quarter. Finally, Sei Investments Co. raised its position in BlackLine by 6.2% during the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock worth $8,955,000 after acquiring an additional 8,558 shares during the last quarter. Institutional investors and hedge funds 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.