BlackLine, Inc. (NASDAQ:BL) Receives Average Recommendation of “Hold” from Brokerages

BlackLine, Inc. (NASDAQ:BL) has been assigned an average rating of “Hold” from the eleven brokerages that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $58.78.

A number of research analysts recently commented on BL shares. Robert W. Baird reduced their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Piper Sandler lowered their price objective on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Truist Financial decreased their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th.

BlackLine Price Performance

BlackLine stock opened at $51.98 on Monday. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The business’s 50 day simple moving average is $49.11 and its 200 day simple moving average is $53.63. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 226.00, a PEG ratio of 12.21 and a beta of 0.89.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.69) EPS. Sell-side analysts forecast that BlackLine will post 0.94 EPS for the current year.

Insider Transactions at BlackLine

In other news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 115,424 shares in the company, valued at approximately $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock worth $851,418 in the last 90 days. 9.93% of the stock is currently owned by insiders.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BL. Victory Capital Management Inc. raised its position in BlackLine by 34.6% in the 4th quarter. Victory Capital Management Inc. now owns 10,973 shares of the technology company’s stock worth $685,000 after purchasing an additional 2,818 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in BlackLine by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 448,171 shares of the technology company’s stock valued at $27,984,000 after acquiring an additional 13,062 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of BlackLine by 39.9% in the fourth quarter. Teacher Retirement System of Texas now owns 9,776 shares of the technology company’s stock worth $610,000 after buying an additional 2,786 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of BlackLine by 11.5% in the fourth quarter. Principal Financial Group Inc. now owns 6,571 shares of the technology company’s stock worth $410,000 after buying an additional 680 shares during the last quarter. Finally, Beacon Pointe Advisors LLC raised its holdings in shares of BlackLine by 17.0% in the fourth quarter. Beacon Pointe Advisors LLC now owns 9,663 shares of the technology company’s stock worth $603,000 after buying an additional 1,404 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.