BlackLine (NASDAQ:BL) Given New $66.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its price objective upped by Citigroup from $57.00 to $66.00 in a research note published on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

A number of other analysts have also recently weighed in on BL. JMP Securities restated a market outperform rating and set a $81.00 target price on shares of BlackLine in a report on Wednesday, February 14th. Piper Sandler reduced their target price on shares of BlackLine from $60.00 to $55.00 and set an underweight rating for the company in a report on Wednesday, February 14th. The Goldman Sachs Group raised their target price on shares of BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a report on Tuesday, January 23rd. Robert W. Baird reduced their target price on shares of BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Finally, Wolfe Research began coverage on shares of BlackLine in a report on Monday, March 18th. They set a peer perform rating for the company. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $61.80.

BlackLine Price Performance

NASDAQ BL opened at $63.63 on Wednesday. BlackLine has a 12 month low of $47.26 and a 12 month high of $69.31. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a market capitalization of $3.91 billion, a PE ratio of -636.30, a P/E/G ratio of 11.25 and a beta of 0.85. The company’s 50 day simple moving average is $61.23 and its 200 day simple moving average is $58.19.

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

Insider Buying and Selling at BlackLine

In other BlackLine news, Director Thomas Unterman sold 750 shares of BlackLine stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $60.58, for a total transaction of $45,435.00. Following the completion of the sale, the director now owns 52,220 shares of the company’s stock, valued at approximately $3,163,487.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $60.58, for a total transaction of $45,435.00. Following the transaction, the director now owns 52,220 shares in the company, valued at approximately $3,163,487.60. The disclosure for this sale can be found here. Insiders sold 6,000 shares of company stock valued at $349,185 in the last quarter. Company insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. American International Group Inc. raised its holdings in BlackLine by 0.6% in the 4th quarter. American International Group Inc. now owns 28,323 shares of the technology company’s stock worth $1,768,000 after acquiring an additional 173 shares during the period. Neuberger Berman Group LLC raised its holdings in BlackLine by 0.8% in the 1st quarter. Neuberger Berman Group LLC now owns 23,544 shares of the technology company’s stock worth $1,724,000 after acquiring an additional 176 shares during the period. Crossmark Global Holdings Inc. raised its holdings in BlackLine by 3.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,236 shares of the technology company’s stock worth $389,000 after acquiring an additional 189 shares during the period. CWM LLC raised its holdings in BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares during the period. Finally, Arizona State Retirement System raised its holdings in BlackLine by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 14,639 shares of the technology company’s stock worth $812,000 after acquiring an additional 227 shares during the period. Institutional investors 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.