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

StockNews.com lowered shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a research report released on Thursday morning.

Other analysts have also recently issued reports about the stock. Citigroup decreased their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Piper Sandler raised their price target on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. DA Davidson cut their price objective on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.75.

BlackLine Trading Up 0.9%

Shares of BlackLine stock opened at $55.54 on Thursday. The company has a market capitalization of $3.46 billion, a P/E ratio of 38.30, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The company has a fifty day moving average of $48.17 and a 200 day moving average of $55.08. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its stake in BlackLine by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after purchasing an additional 161 shares during the period. Arizona State Retirement System raised its position in BlackLine by 1.3% during the 4th quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock worth $931,000 after buying an additional 192 shares during the last quarter. Louisiana State Employees Retirement System raised its position in BlackLine by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after buying an additional 200 shares during the last quarter. Asset Management One Co. Ltd. raised its position in BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after buying an additional 209 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of BlackLine by 20.1% in the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock valued at $102,000 after purchasing an additional 280 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.