BlackLine (NASDAQ:BL) Price Target Raised to $80.00 at Morgan Stanley

BlackLine (NASDAQ:BL) had its price target raised by Morgan Stanley from $70.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other research analysts also recently commented on the company. BTIG Research lowered their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler upped their price target on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.60.

BlackLine Stock Down 2.1 %

BlackLine stock traded down $1.25 during trading hours on Friday, hitting $59.31. The company had a trading volume of 671,778 shares, compared to its average volume of 883,800. The firm’s fifty day moving average is $55.16 and its 200-day moving average is $51.75. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 1.95. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The firm has a market capitalization of $3.71 billion, a P/E ratio of 60.52, a price-to-earnings-growth ratio of 15.28 and a beta of 0.90.

Insider Buying and Selling at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the firm’s 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 sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,495 shares of company stock worth $7,560,534. Insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of BlackLine in the 3rd quarter valued at about $713,000. Pier Capital LLC raised its stake in shares of BlackLine by 1.3% in the 3rd quarter. Pier Capital LLC now owns 151,726 shares of the technology company’s stock valued at $8,366,000 after purchasing an additional 1,909 shares during the period. XTX Topco Ltd acquired a new stake in shares of BlackLine in the 3rd quarter valued at about $1,099,000. Finally, Weiss Asset Management LP acquired a new stake in shares of BlackLine in the 3rd quarter valued at about $1,506,000. 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.