BlackLine (NASDAQ:BL) Given New $60.00 Price Target at Truist Financial

BlackLine (NASDAQ:BL) had its price target upped by Truist Financial from $55.00 to $60.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

BL has been the subject of a number of other reports. Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $70.00 in a research note on Monday, September 30th. Piper Sandler increased their price target on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird dropped their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.60.

BlackLine Price Performance

Shares of NASDAQ BL opened at $60.56 on Monday. The firm’s 50-day simple moving average is $54.69 and its 200 day simple moving average is $51.69. The stock has a market cap of $3.78 billion, a P/E ratio of 61.81, a P/E/G ratio of 14.98 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

Insider Buying and Selling at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. The trade was a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 135,495 shares of company stock valued at $7,560,534. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of BlackLine during the 2nd quarter worth about $32,000. EntryPoint Capital LLC bought a new position in BlackLine during the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd increased its stake in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.