Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $60.00

BlackLine, Inc. (NASDAQ:BL) has been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $60.00.

Several analysts have issued reports on the stock. Citigroup decreased their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. The Goldman Sachs Group reduced their price objective on BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research report on Thursday, April 17th. Truist Financial lowered their price objective on BlackLine from $55.00 to $40.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Finally, StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BL. New York State Common Retirement Fund grew its position in shares of BlackLine by 7.8% during the 1st quarter. New York State Common Retirement Fund now owns 159,076 shares of the technology company’s stock worth $7,702,000 after buying an additional 11,549 shares during the period. Xponance Inc. boosted its stake in BlackLine by 6.8% in the first quarter. Xponance Inc. now owns 4,422 shares of the technology company’s stock valued at $214,000 after acquiring an additional 280 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in BlackLine by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 571,054 shares of the technology company’s stock worth $27,650,000 after acquiring an additional 12,057 shares during the period. Principal Financial Group Inc. raised its position in shares of BlackLine by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 313,527 shares of the technology company’s stock valued at $15,181,000 after acquiring an additional 8,496 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of BlackLine by 33.9% in the 1st quarter. KBC Group NV now owns 2,919 shares of the technology company’s stock valued at $141,000 after purchasing an additional 739 shares during the period. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Up 0.2 %

BL opened at $47.33 on Tuesday. The firm has a market cap of $2.99 billion, a P/E ratio of 32.64, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. 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 business has a 50 day moving average price of $47.36 and a 200 day moving average price of $55.50. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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%. Research analysts forecast that BlackLine will post 0.9 EPS for the current year.

About BlackLine

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.