BlackLine (NASDAQ:BL) Price Target Lowered to $55.00 at DA Davidson

BlackLine (NASDAQ:BL) had its price target decreased by stock analysts at DA Davidson from $58.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. DA Davidson’s target price would indicate a potential upside of 19.51% from the stock’s previous close.

A number of other brokerages have also issued reports on BL. Truist Financial reduced their target price on BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, April 7th. Piper Sandler cut their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday, February 12th. StockNews.com downgraded BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Citigroup cut their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. Finally, BMO Capital Markets cut their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $64.00.

BlackLine Stock Up 0.9 %

Shares of BL traded up $0.43 during midday trading on Monday, reaching $46.02. 539,288 shares of the stock were exchanged, compared to its average volume of 794,547. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $2.90 billion, a P/E ratio of 31.74, a PEG ratio of 10.80 and a beta of 0.97. The company’s 50 day moving average is $50.10 and its two-hundred day moving average is $56.38. BlackLine has a 52 week low of $40.82 and a 52 week high of $66.25.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. On average, sell-side analysts anticipate that BlackLine will post 0.9 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction 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 approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently bought and sold shares of BL. Conestoga Capital Advisors LLC boosted its holdings in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after purchasing an additional 435,271 shares during the period. Geode Capital Management LLC increased its stake in shares of BlackLine by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after acquiring an additional 3,498 shares during the last quarter. Topline Capital Management LLC acquired a new position in BlackLine in the fourth quarter valued at $60,572,000. Finally, American Century Companies Inc. raised its stake in shares of BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock valued at $54,481,000 after acquiring an additional 889,570 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Company Profile

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.