JMP Securities Reaffirms Market Outperform Rating for BlackLine (NASDAQ:BL)

BlackLine (NASDAQ:BLGet Free Report)‘s stock had its “market outperform” rating reiterated by analysts at JMP Securities in a report released on Wednesday,Benzinga reports. They currently have a $86.00 price objective on the technology company’s stock. JMP Securities’ price objective would suggest a potential upside of 43.31% from the company’s current price.

Several other equities research analysts have also commented on the stock. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Citigroup raised their target price on BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. boosted their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Piper Sandler downgraded shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective for the company. in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $66.00.

View Our Latest Research Report on BlackLine

BlackLine Stock Up 2.3 %

BlackLine stock opened at $60.01 on Wednesday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine has a one year low of $43.37 and a one year high of $69.31. The company has a 50-day simple moving average of $61.30 and a 200-day simple moving average of $54.81. The firm has a market capitalization of $3.75 billion, a P/E ratio of 61.23, a P/E/G ratio of 12.60 and a beta of 0.91.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the firm’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 completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 9.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently modified their holdings of BL. GAMMA Investing LLC raised its holdings in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after acquiring an additional 185 shares during the period. Quarry LP purchased a new position in BlackLine during the 2nd quarter worth approximately $32,000. Covestor Ltd raised its stake in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the period. Hardy Reed LLC purchased a new stake in shares of BlackLine in the third quarter valued at $244,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of BlackLine in the second quarter valued at $220,000. 95.13% of the stock is 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.

Further Reading

Analyst Recommendations for BlackLine (NASDAQ:BL)

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