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

Shares of BlackLine, Inc. (NASDAQ:BL) have been assigned an average rating of “Hold” from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $59.90.

BL has been the subject of a number of recent research reports. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $70.00 in a research note on Monday, September 30th. Robert W. Baird lowered their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. JMP Securities reissued a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. cut their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th.

Insider Buying and Selling at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karole Morgan-Prager sold 5,773 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total value of $318,323.22. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,278,516.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,794 shares of company stock worth $6,713,879 in the last quarter. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BL. Quarry LP bought a new position in shares of BlackLine in the second quarter worth $32,000. EntryPoint Capital LLC purchased a new stake in BlackLine during the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd boosted its stake in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares during the period. Finally, Fifth Third Bancorp grew its holdings in BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

Shares of NASDAQ BL opened at $57.62 on Friday. The firm has a market capitalization of $3.56 billion, a P/E ratio of 250.52, a P/E/G ratio of 13.57 and a beta of 0.90. The firm’s 50-day moving average price is $51.28 and its 200-day moving average price is $52.22. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The business had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same period in the prior year, the business earned ($0.69) EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities research analysts anticipate that BlackLine will post 0.96 earnings per share for the current fiscal year.

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.