BlackLine (NASDAQ:BL) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of BlackLine (NASDAQ:BL) in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $58.00 target price on the technology company’s stock.

BL has been the subject of a number of other research reports. Citigroup decreased their target price on BlackLine from $73.00 to $70.00 and set a “buy” 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 for the company in a research report on Wednesday, April 16th. Wall Street Zen cut BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. DA Davidson reduced their price objective on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Truist Financial increased their price objective on BlackLine from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.54.

BlackLine Stock Up 3.3%

Shares of BlackLine stock opened at $57.59 on Tuesday. The stock has a market capitalization of $3.59 billion, a P/E ratio of 39.72, a PEG ratio of 10.80 and a beta of 0.94. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The stock has a 50 day moving average price of $49.47 and a two-hundred day moving average price of $54.77. BlackLine has a 12-month low of $40.82 and a 12-month high of $66.25.

Insider Activity at BlackLine

In related news, CAO Michelle D. Stalick sold 795 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the sale, the chief accounting officer now owns 25,235 shares of the company’s stock, valued at $1,391,457.90. The trade was a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of the company’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

Institutional Trading of BlackLine

Several large investors have recently added to or reduced their stakes in BL. SBI Securities Co. Ltd. bought a new stake in BlackLine during the fourth quarter worth about $31,000. Global Retirement Partners LLC grew its stake in shares of BlackLine by 568.4% during the fourth 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 last quarter. Quadrant Capital Group LLC grew its stake in shares of BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after purchasing an additional 414 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank grew its stake in shares of BlackLine by 596.4% during the fourth quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after purchasing an additional 829 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

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.