BlackLine (NASDAQ:BL) Shares Gap Down to $57.88

BlackLine, Inc. (NASDAQ:BLGet Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $57.88, but opened at $55.43. BlackLine shares last traded at $54.12, with a volume of 491,648 shares traded.

Analyst Ratings Changes

Several research firms recently commented on BL. William Blair upgraded shares of BlackLine to a “hold” rating in a research note on Tuesday, May 7th. Robert W. Baird boosted their price objective on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Piper Sandler upgraded shares of BlackLine from an “underweight” rating to a “neutral” rating and upped their price target for the company from $55.00 to $62.00 in a research note on Tuesday, April 23rd. Wolfe Research started coverage on shares of BlackLine in a research note on Monday, March 18th. They issued a “peer perform” rating on the stock. Finally, Citigroup cut their price objective on shares of BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average target price of $64.56.

View Our Latest Stock Report on BL

BlackLine Trading Down 1.2 %

The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 226.17, a PEG ratio of 6.67 and a beta of 0.87. The business’s 50-day simple moving average is $61.06 and its two-hundred day simple moving average is $60.08. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08.

Insider Activity

In related news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction that occurred on 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 owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently bought and sold shares of BL. CWM LLC grew its stake 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 buying an additional 220 shares during the period. Arizona State Retirement System lifted its position in shares of BlackLine by 1.6% during the third quarter. Arizona State Retirement System now owns 14,639 shares of the technology company’s stock worth $812,000 after purchasing an additional 227 shares in the last quarter. NBC Securities Inc. lifted its position in shares of BlackLine by 2.5% during the fourth quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock worth $740,000 after purchasing an additional 285 shares in the last quarter. Covestor Ltd lifted its position in shares of BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares in the last quarter. Finally, Portside Wealth Group LLC lifted its position in shares of BlackLine by 4.6% during the fourth quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock worth $505,000 after purchasing an additional 359 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

About BlackLine

(Get Free Report)

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.

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