BlackLine (NASDAQ:BL) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of BlackLine (NASDAQ:BL) in a research report sent to investors on Monday, FlyOnTheWall reports. The brokerage issued an equal weight rating on the technology company’s stock.

Several other research analysts have also weighed in on the company. BTIG Research lowered their price target on BlackLine from $80.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, August 9th. Piper Sandler decreased their target price on BlackLine from $55.00 to $53.00 and set a neutral rating on the stock in a report on Wednesday, August 9th. JPMorgan Chase & Co. decreased their target price on BlackLine from $50.00 to $47.00 and set an underweight rating on the stock in a report on Wednesday, August 9th. JMP Securities decreased their target price on BlackLine from $87.00 to $81.00 and set a market outperform rating on the stock in a report on Wednesday, August 9th. Finally, Citigroup boosted their target price on BlackLine from $57.00 to $59.00 and gave the stock a neutral rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, BlackLine presently has a consensus rating of Hold and a consensus price target of $61.50.

BlackLine Stock Up 0.2 %

Shares of BlackLine stock opened at $55.71 on Monday. The business’s 50 day simple moving average is $55.07 and its 200 day simple moving average is $56.66. BlackLine has a 52-week low of $48.22 and a 52-week high of $77.90. The firm has a market cap of $3.40 billion, a PE ratio of -72.35, a P/E/G ratio of 3.00 and a beta of 0.86. The company has a debt-to-equity ratio of 7.87, a quick ratio of 3.62 and a current ratio of 3.62.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, August 8th. The technology company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.68). The firm had revenue of $144.57 million during the quarter, compared to analyst estimates of $143.86 million. BlackLine had a negative net margin of 9.25% and a negative return on equity of 37.62%. On average, analysts predict that BlackLine will post 0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now directly owns 54,470 shares in the company, valued at approximately $3,268,200. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the transaction, the director now owns 54,470 shares of the company’s stock, valued at approximately $3,268,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Mark Woodhams sold 558 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $52.00, for a total value of $29,016.00. Following the transaction, the executive now directly owns 94,083 shares of the company’s stock, valued at approximately $4,892,316. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors have recently modified their holdings of the business. M&R Capital Management Inc. acquired a new position in BlackLine in the 2nd quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in BlackLine by 79.5% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 508 shares of the technology company’s stock worth $33,000 after purchasing an additional 225 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new position in BlackLine in the 1st quarter worth about $35,000. Pinebridge Investments L.P. increased its holdings in BlackLine by 772.7% in the 2nd quarter. Pinebridge Investments L.P. now owns 672 shares of the technology company’s stock worth $36,000 after purchasing an additional 595 shares in the last quarter. Finally, Quarry LP increased its holdings in BlackLine by 1,101.9% in the 1st quarter. Quarry LP now owns 625 shares of the technology company’s stock worth $42,000 after purchasing an additional 573 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Company Profile

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 high volumes of individual transactions; and task management to create and manage processes and task lists.