Brokerages Set BlackLine, Inc. (NASDAQ:BL) PT at $63.56

BlackLine, Inc. (NASDAQ:BL) has earned an average rating of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $63.56.

Several analysts recently commented on the company. Piper Sandler raised BlackLine from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. Citigroup dropped their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Robert W. Baird raised their target price on BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Wolfe Research initiated coverage on BlackLine in a research report on Monday, March 18th. They set a “peer perform” rating on the stock. Finally, William Blair upgraded BlackLine to a “hold” rating in a research report on Tuesday, May 7th.

BlackLine Stock Down 3.2 %

Shares of BL stock opened at $47.21 on Wednesday. The stock’s 50-day simple moving average is $50.74 and its 200-day simple moving average is $57.43. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30. The firm has a market capitalization of $2.92 billion, a PE ratio of 205.26, a P/E/G ratio of 5.57 and a beta of 0.86. BlackLine has a fifty-two week low of $43.79 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. The business had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. Equities analysts expect that BlackLine will post 1.1 earnings per share for the current year.

Insider Transactions at BlackLine

In other news, insider Jimmy C. Duan purchased 2,000 shares of the stock in a transaction dated Friday, May 31st. The shares were purchased at an average cost of $47.73 per share, with a total value of $95,460.00. Following the completion of the purchase, the insider now directly owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction on Friday, May 31st. The shares were bought at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Owen Ryan acquired 3,000 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the purchase, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at approximately $7,279,886.24. The disclosure for this purchase can be found here. Corporate insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BL. CWM LLC raised its position in BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after purchasing an additional 220 shares during the period. NBC Securities Inc. raised its position in BlackLine by 2.5% in the fourth quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock valued at $740,000 after purchasing an additional 285 shares during the period. Covestor Ltd raised its position in BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares during the period. Portside Wealth Group LLC raised its position in BlackLine by 4.6% in the fourth quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock valued at $505,000 after purchasing an additional 359 shares during the period. Finally, Whittier Trust Co. raised its holdings in shares of BlackLine by 9.7% in the 1st quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock valued at $303,000 after buying an additional 414 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.