BlackLine (NASDAQ:BL) Receives $60.54 Average PT from Brokerages

BlackLine (NASDAQ:BL) has been given an average recommendation of “Hold” by the thirteen research firms that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $60.54.

Several brokerages recently issued reports on BL. Morgan Stanley cut their target price on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group cut their target price on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, April 17th. DA Davidson cut their target price on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald began coverage on shares of BlackLine in a research note on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 target price on the stock. Finally, Piper Sandler increased their target price on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 1,856 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive now 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total transaction of $43,836.30. Following the completion of the sale, the chief accounting officer now owns 25,235 shares of the company’s stock, valued at approximately $1,391,457.90. This represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of BlackLine

Institutional investors and hedge funds have recently made changes to their positions in the company. Hawk Ridge Capital Management LP increased its holdings in BlackLine by 124.3% during the first quarter. Hawk Ridge Capital Management LP now owns 1,959,945 shares of the technology company’s stock worth $94,901,000 after buying an additional 1,086,185 shares during the last quarter. Topline Capital Management LLC purchased a new stake in BlackLine during the fourth quarter worth about $60,572,000. American Century Companies Inc. increased its holdings in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after buying an additional 889,570 shares during the last quarter. First Manhattan CO. LLC. increased its holdings in BlackLine by 408.7% during the first quarter. First Manhattan CO. LLC. now owns 815,975 shares of the technology company’s stock worth $39,510,000 after buying an additional 655,565 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in BlackLine by 106.4% during the first quarter. Westwood Holdings Group Inc. now owns 1,186,347 shares of the technology company’s stock worth $57,443,000 after buying an additional 611,499 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Trading Down 0.3%

NASDAQ:BL opened at $54.78 on Wednesday. The firm’s fifty day moving average is $52.11 and its 200-day moving average is $54.34. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66. BlackLine has a 52 week low of $40.82 and a 52 week high of $66.25. The firm has a market cap of $3.41 billion, a P/E ratio of 39.70, a P/E/G ratio of 9.10 and a beta of 0.94.

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.