BlackLine (NASDAQ:BL) Stock Price Expected to Rise, Morgan Stanley Analyst Says

BlackLine (NASDAQ:BL) had its price objective increased by Morgan Stanley from $70.00 to $80.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

BL has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Robert W. Baird reduced their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler boosted their target price on shares of BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. BTIG Research cut their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.60.

BlackLine Price Performance

BlackLine stock opened at $57.96 on Friday. The firm has a market cap of $3.62 billion, a PE ratio of 60.23, a price-to-earnings-growth ratio of 14.40 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 1.95. The stock’s fifty day moving average price is $55.16 and its two-hundred day moving average price is $51.66. BlackLine has a one year low of $43.37 and a one year high of $69.31.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 1.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now directly owns 113,865 shares in the company, valued at $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 135,495 shares of company stock worth $7,560,534. Corporate insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrature Capital Ltd increased its stake in shares of BlackLine by 346.5% in the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after buying an additional 24,713 shares during the period. Cetera Investment Advisers bought a new stake in BlackLine in the first quarter valued at approximately $1,572,000. Comerica Bank boosted its holdings in BlackLine by 11.8% in the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after acquiring an additional 13,066 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in BlackLine during the 1st quarter valued at approximately $907,000. Finally, Vanguard Group Inc. raised its holdings in BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

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.