BlackLine (NASDAQ:BL) Given New $60.00 Price Target at Piper Sandler

BlackLine (NASDAQ:BL) had its price target boosted by Piper Sandler from $51.00 to $60.00 in a research report report published on Friday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

BL has been the topic of a number of other reports. JMP Securities reiterated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a report on Monday, July 15th. Truist Financial increased their target price on shares of BlackLine from $45.00 to $55.00 and gave the company a “hold” rating in a research report on Thursday, October 31st. Robert W. Baird lowered their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $70.00 in a research report on Monday, September 30th. Finally, BTIG Research reduced their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.10.

BlackLine Price Performance

Shares of BlackLine stock traded up $0.92 during trading hours on Friday, reaching $60.37. The stock had a trading volume of 1,268,255 shares, compared to its average volume of 887,892. The firm has a market capitalization of $3.75 billion, a PE ratio of 67.08, a PEG ratio of 13.50 and a beta of 0.90. The stock’s 50 day moving average is $53.91 and its 200 day moving average is $51.72. 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 twelve month low of $43.37 and a twelve month high of $69.31.

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

Insider Activity

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,262,575. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now owns 97,582 shares in the company, valued at $5,044,989.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,873 shares of company stock worth $7,840,243. Corporate insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several institutional investors and hedge funds have recently made changes to their positions in BL. EntryPoint Capital LLC bought a new stake in shares of BlackLine during the 1st quarter valued at $36,000. Quarry LP acquired a new position in BlackLine in the 2nd quarter worth $32,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd boosted its stake in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares during the last quarter. 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.