Analysts Set BlackLine (NASDAQ:BL) Target Price at $60.54

Shares of BlackLine (NASDAQ:BL) have been assigned an average recommendation of “Hold” from the thirteen analysts that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $60.54.

Several research firms have weighed in on BL. Truist Financial upped their price objective on shares of BlackLine from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Thursday, May 8th. Wall Street Zen lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. The Goldman Sachs Group dropped their price target 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. 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 note on Wednesday, May 7th. Finally, DA Davidson dropped their price target 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.

Insider Transactions at BlackLine

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC lifted its holdings in BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after buying an additional 161 shares during the period. Covestor Ltd lifted its holdings in shares of BlackLine by 20.1% during the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock valued at $102,000 after purchasing an additional 280 shares during the last quarter. Xponance Inc. lifted its holdings in shares of BlackLine by 6.8% during the first quarter. Xponance Inc. now owns 4,422 shares of the technology company’s stock valued at $214,000 after purchasing an additional 280 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of BlackLine by 1.6% during the first quarter. Victory Capital Management Inc. now owns 17,967 shares of the technology company’s stock valued at $870,000 after purchasing an additional 285 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of BlackLine by 3.8% during the first quarter. Hsbc Holdings PLC now owns 8,410 shares of the technology company’s stock valued at $405,000 after purchasing an additional 305 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Down 1.0%

BL stock opened at $54.17 on Friday. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The firm has a market cap of $3.38 billion, a PE ratio of 39.25, a P/E/G ratio of 9.04 and a beta of 0.93. The firm has a 50 day simple moving average of $55.62 and a 200 day simple moving average of $53.47. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66.

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.