DA Davidson Initiates Coverage on BlackLine (NASDAQ:BL)

DA Davidson initiated coverage on shares of BlackLine (NASDAQ:BL) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $58.00 price objective on the technology company’s stock. DA Davidson also issued estimates for BlackLine’s Q1 2025 earnings at $0.15 EPS, FY2025 earnings at $0.83 EPS and FY2026 earnings at $0.87 EPS.

Other analysts have also recently issued research reports about the stock. Piper Sandler cut their price target on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and boosted their price target for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Finally, Truist Financial cut their price objective on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $65.64.

BlackLine Price Performance

BL stock opened at $46.08 on Tuesday. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. The firm’s 50-day moving average price is $53.12 and its two-hundred day moving average price is $56.73. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 31.78, a PEG ratio of 10.80 and a beta of 0.97. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.09.

BlackLine (NASDAQ:BL) last released 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%. As a group, equities analysts predict that BlackLine will post 0.9 earnings per share for the current year.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Several institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new position in BlackLine in the 4th quarter worth about $4,361,000. Castleark Management LLC bought a new stake in shares of BlackLine in the fourth quarter worth approximately $1,510,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of BlackLine by 32.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,535 shares of the technology company’s stock valued at $9,572,000 after purchasing an additional 38,463 shares during the last quarter. Woodline Partners LP bought a new position in BlackLine during the fourth quarter valued at approximately $365,000. Finally, Sone Capital Management LLC purchased a new stake in BlackLine in the fourth quarter worth approximately $4,934,000. 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.