BlackLine (NASDAQ:BL) Rating Increased to Neutral at Piper Sandler

BlackLine (NASDAQ:BL) was upgraded by investment analysts at Piper Sandler from an “underweight” rating to a “neutral” rating in a research report issued on Tuesday, MarketBeat.com reports. The firm currently has a $62.00 target price on the technology company’s stock, up from their previous target price of $55.00. Piper Sandler’s target price points to a potential upside of 3.45% from the stock’s current price.

Other analysts have also issued reports about the stock. Citigroup upped their price objective on shares of BlackLine from $57.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 27th. JMP Securities reiterated a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a report on Wednesday, February 14th. Wolfe Research initiated coverage on shares of BlackLine in a report on Monday, March 18th. They issued a “peer perform” rating for the company. William Blair downgraded shares of BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, BlackLine currently has a consensus rating of “Hold” and a consensus price target of $62.20.

BlackLine Stock Down 2.5 %

NASDAQ:BL opened at $59.93 on Tuesday. BlackLine has a 1-year low of $47.26 and a 1-year high of $69.31. The company has a 50-day moving average of $62.06 and a 200 day moving average of $59.27. The firm has a market cap of $3.70 billion, a PE ratio of -599.30, a price-to-earnings-growth ratio of 10.37 and a beta of 0.86. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. As a group, research analysts anticipate that BlackLine will post 1.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the sale, the director now directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC increased its position in shares of BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares during the last quarter. CVA Family Office LLC purchased a new position in BlackLine during the 4th quarter valued at about $38,000. Federated Hermes Inc. boosted its holdings in BlackLine by 505.2% during the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after acquiring an additional 773 shares during the period. Operose Advisors LLC boosted its holdings in BlackLine by 291.2% during the 3rd quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock valued at $54,000 after acquiring an additional 728 shares during the period. Finally, Cutler Group LLC CA purchased a new position in BlackLine during the 3rd quarter valued at about $74,000. 95.13% of the stock is owned by institutional investors and hedge funds.

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.