Citigroup Lowers BlackLine (NASDAQ:BL) Price Target to $63.00

BlackLine (NASDAQ:BL) had its target price lowered by equities research analysts at Citigroup from $66.00 to $63.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s price objective points to a potential upside of 5.12% from the stock’s current price.

A number of other analysts also recently weighed in on BL. JPMorgan Chase & Co. decreased their price target on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Wolfe Research initiated coverage on BlackLine in a research note on Monday, March 18th. They issued a “peer perform” rating on the stock. JMP Securities restated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research note on Wednesday, February 14th. The Goldman Sachs Group lifted their price target on BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research note on Tuesday, January 23rd. Finally, Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $55.00 to $62.00 in a research report on Tuesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $62.20.

BlackLine Trading Down 2.5 %

BL opened at $59.93 on Tuesday. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of -599.30, a price-to-earnings-growth ratio of 10.37 and a beta of 0.86. BlackLine has a 52 week low of $47.26 and a 52 week high of $69.31. The business’s 50 day moving average is $62.06 and its two-hundred day moving average is $59.27. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On BlackLine

Large investors have recently modified their holdings of the stock. CWM LLC grew its stake in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after buying an additional 220 shares in the last quarter. CVA Family Office LLC acquired a new stake in BlackLine during the 4th quarter valued at approximately $38,000. Federated Hermes Inc. grew its stake 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 purchasing an additional 773 shares in the last quarter. Operose Advisors LLC grew its stake 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 purchasing an additional 728 shares in the last quarter. Finally, Cutler Group LLC CA acquired a new stake in BlackLine during the 3rd quarter valued at approximately $74,000. 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.