BlackLine (NASDAQ:BL) Given New $63.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its price target reduced by Citigroup from $66.00 to $63.00 in a research note released on Tuesday, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

BL has been the subject of several other research reports. Wolfe Research started coverage on BlackLine in a research note on Monday, March 18th. They issued a peer perform rating for the company. The Goldman Sachs Group lifted their price objective on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. lowered their price objective on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a report on Wednesday, February 14th. JMP Securities reiterated a market outperform rating and issued a $81.00 price objective on shares of BlackLine in a report on Wednesday, February 14th. Finally, William Blair cut BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $62.20.

BlackLine Stock Performance

Shares of BL opened at $61.46 on Tuesday. The stock has a 50-day moving average of $62.04 and a two-hundred day moving average of $59.27. BlackLine has a one year low of $47.26 and a one year high of $69.31. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. The stock has a market cap of $3.80 billion, a P/E ratio of -614.60, a P/E/G ratio of 10.19 and a beta of 0.86.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.28. The business had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. As a group, research analysts predict that BlackLine will post 1.02 EPS for the current year.

Insider Transactions at BlackLine

In related news, Director Thomas Unterman sold 750 shares of the stock in a transaction dated Thursday, February 1st. The shares were 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 directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas Unterman sold 750 shares of the stock in a transaction dated Thursday, February 1st. The shares were 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 directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BL. CWM LLC boosted its position in BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares during the last quarter. TFO Wealth Partners LLC boosted its position in BlackLine by 9,080.0% during the fourth quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after acquiring an additional 454 shares during the last quarter. CVA Family Office LLC acquired a new stake in BlackLine during the fourth quarter worth approximately $38,000. Federated Hermes Inc. boosted its position in BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after acquiring an additional 773 shares during the last quarter. Finally, Operose Advisors LLC boosted its position in BlackLine by 291.2% during the third quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after acquiring an additional 728 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.