BlackLine (NASDAQ:BL) Upgraded at Piper Sandler

Piper Sandler upgraded shares of BlackLine (NASDAQ:BL) to a hold rating in a report published on Monday morning,Zacks.com reports.

A number of other research firms have also weighed in on BL. Morgan Stanley increased their price target on BlackLine from $68.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of BlackLine in a report on Monday, December 29th. Zacks Research upgraded shares of BlackLine from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Cantor Fitzgerald reissued a “neutral” rating on shares of BlackLine in a research report on Tuesday, December 16th. Finally, DA Davidson raised BlackLine to a “hold” rating in a report on Monday, November 10th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $59.83.

BlackLine Trading Up 1.0%

BlackLine stock opened at $44.88 on Monday. The company has a market cap of $2.67 billion, a P/E ratio of 40.43, a PEG ratio of 8.40 and a beta of 0.86. The firm’s 50-day moving average is $55.02 and its 200-day moving average is $54.07. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.02. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.52 and a current ratio of 1.52.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $178.29 million for the quarter, compared to analysts’ expectations of $178.11 million. BlackLine had a return on equity of 14.51% and a net margin of 11.07%.The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 EPS. On average, equities analysts expect that BlackLine will post 0.9 earnings per share for the current year.

Hedge Funds Weigh In On BlackLine

A number of hedge funds and other institutional investors have recently bought and sold shares of BL. Geneva Capital Management LLC raised its position in shares of BlackLine by 5.6% in the 2nd quarter. Geneva Capital Management LLC now owns 924,325 shares of the technology company’s stock valued at $52,335,000 after acquiring an additional 49,292 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of BlackLine by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 858,135 shares of the technology company’s stock valued at $45,566,000 after acquiring an additional 4,708 shares in the last quarter. Schwartz Investment Counsel Inc. grew its holdings in shares of BlackLine by 16.9% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 690,000 shares of the technology company’s stock valued at $36,639,000 after acquiring an additional 100,000 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in shares of BlackLine by 2,460.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 520,325 shares of the technology company’s stock worth $29,461,000 after purchasing an additional 500,000 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of BlackLine by 5.5% in the 3rd quarter. First Trust Advisors LP now owns 513,891 shares of the technology company’s stock valued at $27,288,000 after acquiring an additional 26,699 shares during the period. 95.13% of the stock is owned by institutional investors.

About BlackLine

BlackLine, Inc is a leading provider of cloud-based software solutions designed to automate and modernize the finance and accounting function. The company’s flagship offering, the BlackLine Finance Controls and Automation Platform, enables organizations to streamline critical processes such as account reconciliations, journal entry management, intercompany accounting, and transaction matching. By delivering a centralized, real-time view of financial data, BlackLine helps companies improve operational efficiency, enhance compliance and strengthen internal controls.

Key products and services within the BlackLine platform include Account Reconciliation, Task Management, Transaction Matching, Journal Entry, and Intercompany Hub.