BlackLine (NASDAQ:BL) Price Target Raised to $73.00

BlackLine (NASDAQ:BL) had its price objective upped by Citigroup from $64.00 to $73.00 in a research report released on Monday,Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

Several other research analysts also recently commented on the company. JMP Securities raised their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Truist Financial upped their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Piper Sandler restated a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday, November 20th. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Finally, Morgan Stanley raised their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and a consensus target price of $66.00.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $62.72 on Monday. The company has a market cap of $3.92 billion, a PE ratio of 64.00, a PEG ratio of 15.18 and a beta of 0.90. The firm’s 50-day moving average price is $59.89 and its 200-day moving average price is $52.78. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insiders Place Their Bets

In related news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. This trade represents a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 158,516 shares of company stock valued at $9,058,748. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several large investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new position in shares of BlackLine during the second quarter worth $537,000. Icon Wealth Advisors LLC boosted its stake in BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock valued at $907,000 after acquiring an additional 12,415 shares in the last quarter. Susquehanna Fundamental Investments LLC increased its position in shares of BlackLine by 430.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after purchasing an additional 73,362 shares in the last quarter. Victory Capital Management Inc. lifted its stake in BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after buying an additional 9,820 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in shares of BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after acquiring an additional 86,931 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.