BlackLine (NASDAQ:BL) Price Target Cut to $40.00 by Analysts at Truist Financial

BlackLine (NASDAQ:BL) had its price target reduced by Truist Financial from $55.00 to $40.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other brokerages have also recently issued reports on BL. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Piper Sandler reduced their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Finally, BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $64.27.

BlackLine Price Performance

NASDAQ BL opened at $46.13 on Monday. The company has a market capitalization of $2.91 billion, a PE ratio of 31.81, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The business’s fifty day moving average is $50.85 and its 200 day moving average is $56.43. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.48.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 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 predict that BlackLine will post 0.9 earnings per share for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently added to or reduced their stakes in the business. Conestoga Capital Advisors LLC boosted its holdings in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in BlackLine by 35.3% in 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 during the last quarter. Geode Capital Management LLC boosted its stake in shares of BlackLine by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after acquiring an additional 3,498 shares in the last quarter. Topline Capital Management LLC purchased a new stake in shares of BlackLine during the 4th quarter worth about $60,572,000. Finally, American Century Companies Inc. boosted its stake in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after acquiring an additional 889,570 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

About BlackLine

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.