BlackLine (NASDAQ:BL) Price Target Cut to $58.00 by Analysts at Piper Sandler

BlackLine (NASDAQ:BL) had its price objective lowered by Piper Sandler from $60.00 to $58.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the technology company’s stock.

A number of other equities research analysts have also commented on BL. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial increased their target price on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Finally, Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, BlackLine currently has an average rating of “Hold” and a consensus target price of $66.40.

BlackLine Trading Down 18.1 %

NASDAQ BL opened at $51.94 on Wednesday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The business has a 50 day moving average price of $61.62 and a 200-day moving average price of $56.77. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 53.00, a P/E/G ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. As a group, equities analysts expect that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Large investors have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of BlackLine in the fourth quarter worth $31,000. Global Retirement Partners LLC grew its position in BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after buying an additional 449 shares in the last quarter. GAMMA Investing LLC increased its stake in BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after acquiring an additional 185 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of BlackLine in the 4th quarter valued at about $50,000. Finally, Huntington National Bank raised its holdings in shares of BlackLine by 596.4% in the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after acquiring an additional 829 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.