BlackLine (NASDAQ:BL) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report issued on Tuesday morning.

A number of other research firms have also recently weighed in on BL. JMP Securities restated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Piper Sandler lowered BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 target price on the stock. in a report on Monday, January 6th. Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a research report on Thursday, January 16th. Finally, Morgan Stanley raised their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $68.10.

BlackLine Stock Performance

Shares of BL stock opened at $65.13 on Tuesday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 66.46, a price-to-earnings-growth ratio of 8.97 and a beta of 0.92. The stock has a 50 day simple moving average of $61.68 and a 200-day simple moving average of $56.26.

Insider Activity

In other news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors and hedge funds have recently bought and sold shares of BL. Algert Global LLC purchased a new position in BlackLine in the second quarter valued at approximately $255,000. Cetera Investment Advisers lifted its holdings in shares of BlackLine by 5.6% during the 2nd quarter. Cetera Investment Advisers now owns 25,701 shares of the technology company’s stock valued at $1,245,000 after acquiring an additional 1,357 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in BlackLine during the 2nd quarter worth $220,000. SG Americas Securities LLC acquired a new stake in BlackLine in the 3rd quarter valued at $2,286,000. Finally, Procyon Advisors LLC increased its holdings in BlackLine by 52.8% in the 3rd quarter. Procyon Advisors LLC now owns 6,673 shares of the technology company’s stock valued at $368,000 after purchasing an additional 2,305 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.