BlackLine (NASDAQ:BL) Given Average Recommendation of “Hold” by Brokerages

Shares of BlackLine (NASDAQ:BL) have earned a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $60.54.

A number of research analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a report on Thursday, April 17th. Piper Sandler increased their price objective on BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Cantor Fitzgerald assumed coverage on BlackLine in a report on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 price objective on the stock. Truist Financial increased their price objective on BlackLine from $40.00 to $45.00 and gave the company a “hold” rating in a report on Thursday, May 8th. Finally, Wall Street Zen lowered BlackLine from a “buy” rating to a “hold” rating in a report on Thursday, May 15th.

BlackLine Stock Performance

Shares of BL stock opened at $54.98 on Wednesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The stock’s 50-day moving average is $51.56 and its two-hundred day moving average is $54.45. The firm has a market cap of $3.43 billion, a P/E ratio of 39.84, a PEG ratio of 9.16 and a beta of 0.94.

Insider Buying and Selling at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the sale, the chief accounting officer now owns 25,235 shares in the company, valued at approximately $1,391,457.90. This trade represents a 3.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive now owns 61,390 shares of the company’s stock, valued at $3,354,963.50. This represents a 2.93% decrease in their position. The disclosure for this sale can be found here. Insiders own 8.60% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of BlackLine by 4.9% in the 4th quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company’s stock worth $18,534,000 after acquiring an additional 14,256 shares during the period. Sei Investments Co. lifted its position in shares of BlackLine by 6.2% in the 4th quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock worth $8,955,000 after acquiring an additional 8,558 shares during the period. Bridgewater Associates LP bought a new stake in shares of BlackLine in the 4th quarter worth approximately $244,000. Deutsche Bank AG lifted its position in shares of BlackLine by 59.2% during the 4th quarter. Deutsche Bank AG now owns 53,811 shares of the technology company’s stock worth $3,270,000 after buying an additional 20,008 shares during the period. Finally, Wells Fargo & Company MN lifted its position in shares of BlackLine by 62.9% during the 4th quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company’s stock worth $5,869,000 after buying an additional 37,285 shares during the period. Institutional investors 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.