Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $60.00

Shares of BlackLine, Inc. (NASDAQ:BL) have earned a consensus rating of “Hold” from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $60.00.

A number of equities research analysts have weighed in on BL shares. BMO Capital Markets decreased their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note 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. JMP Securities reissued a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, DA Davidson dropped their price objective on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, April 14th.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the sale, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently bought and sold shares of BL. Tidal Investments LLC grew its holdings in BlackLine by 1.6% during the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after buying an additional 219 shares in the last quarter. 272 Capital LP grew its holdings in shares of BlackLine by 30.8% in the third quarter. 272 Capital LP now owns 68,437 shares of the technology company’s stock valued at $3,774,000 after purchasing an additional 16,107 shares in the last quarter. Principal Financial Group Inc. increased its position in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares during the last quarter. JPMorgan Chase & Co. raised its stake in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Trading Down 0.3 %

Shares of NASDAQ:BL opened at $47.15 on Tuesday. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25. The stock’s fifty day moving average price is $47.28 and its 200-day moving average price is $55.30. The company has a market cap of $2.97 billion, a P/E ratio of 32.52, a PEG ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Sell-side analysts expect that BlackLine will post 0.9 earnings per share for the current year.

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.