Truist Financial Raises BlackLine (NASDAQ:BL) Price Target to $45.00

BlackLine (NASDAQ:BL) had its price objective hoisted by equities research analysts at Truist Financial from $40.00 to $45.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential downside of 15.37% from the company’s current price.

Several other analysts have also issued reports on BL. Piper Sandler increased their price target on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and lifted their price target for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. BMO Capital Markets dropped their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Morgan Stanley reduced their price objective on BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup lowered their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $60.75.

BlackLine Price Performance

Shares of NASDAQ BL opened at $53.17 on Thursday. The business has a fifty day moving average price of $47.50 and a two-hundred day moving average price of $55.15. The stock has a market capitalization of $3.35 billion, a PE ratio of 36.67, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

BlackLine (NASDAQ:BL) last posted its quarterly 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 net margin of 24.67% and a return on equity of 21.63%. As a group, equities analysts predict that BlackLine will post 0.9 earnings per share for the current fiscal year.

Insider Activity

In related news, CRO Mark Woodhams sold 9,088 shares of the business’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 sale, the executive now 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

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.