Citigroup Lowers BlackLine (NASDAQ:BL) Price Target to $63.00

BlackLine (NASDAQ:BL) had its target price cut by Citigroup from $66.00 to $63.00 in a report published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other brokerages also recently commented on BL. JPMorgan Chase & Co. lowered their target price on shares of BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a research note on Wednesday, February 14th. JMP Securities reiterated a market outperform rating and issued a $81.00 price target on shares of BlackLine in a report on Wednesday, February 14th. Wolfe Research started coverage on shares of BlackLine in a report on Monday, March 18th. They issued a peer perform rating for the company. William Blair cut shares of BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Finally, Robert W. Baird reduced their price target on shares of BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $62.20.

BlackLine Price Performance

NASDAQ:BL opened at $61.46 on Tuesday. The firm has a market cap of $3.80 billion, a PE ratio of -614.60, a price-to-earnings-growth ratio of 10.19 and a beta of 0.86. BlackLine has a 12 month low of $47.26 and a 12 month high of $69.31. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The company’s 50-day moving average price is $62.04 and its two-hundred day moving average price is $59.27.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The company had revenue of $155.73 million during the quarter, compared to the consensus estimate of $154.24 million. On average, equities analysts anticipate that BlackLine will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas Unterman sold 750 shares of BlackLine stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The disclosure for this sale can be found here. 9.53% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently bought and sold shares of BL. Meritage Group LP purchased a new position in BlackLine during the 3rd quarter worth $59,530,000. Envestnet Portfolio Solutions Inc. purchased a new position in BlackLine during the 3rd quarter worth $597,000. Great Lakes Advisors LLC purchased a new position in BlackLine during the 3rd quarter worth $13,130,000. Envestnet Asset Management Inc. boosted its holdings in BlackLine by 33.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 320,139 shares of the technology company’s stock worth $17,758,000 after acquiring an additional 80,391 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in BlackLine by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock worth $369,349,000 after acquiring an additional 380,614 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.