Citigroup Lowers BlackLine (NASDAQ:BL) Price Target to $70.00

BlackLine (NASDAQ:BL) had its price objective lowered by Citigroup from $73.00 to $70.00 in a research note published on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other equities analysts have also commented on BL. StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. BMO Capital Markets cut their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Truist Financial reduced their price objective on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, BlackLine presently has a consensus rating of “Hold” and an average price target of $66.40.

BlackLine Price Performance

BL stock opened at $51.37 on Wednesday. The business’s 50-day moving average is $61.15 and its two-hundred day moving average is $56.77. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market capitalization of $3.21 billion, a P/E ratio of 52.42, a P/E/G ratio of 9.14 and a beta of 0.92. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. Analysts anticipate that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Large investors have recently modified their holdings of the business. SBI Securities Co. Ltd. acquired a new position in BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC boosted its holdings in shares of BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after buying an additional 414 shares during the period. GAMMA Investing LLC increased its position in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of BlackLine during the 4th quarter worth $50,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.