BlackLine (NASDAQ:BL) Stock Gets Price Target Cut from Citigroup

BlackLine (NASDAQ:BL) had its price target trimmed by Citigroup from $45.00 to $40.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird set a $35.00 target price on shares of BlackLine in a research note on Wednesday, August 5th. Cantor Fitzgerald reissued a “neutral” rating and issued a $36.00 price target on shares of BlackLine in a research note on Wednesday, August 5th. Scotiabank lowered shares of BlackLine to an “outperform” rating in a report on Tuesday, July 21st. Morgan Stanley cut their price objective on BlackLine from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Piper Sandler cut their price objective on BlackLine from $35.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, November 6th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $37.58.

BlackLine Stock Performance

Shares of BL stock opened at $27.42 on Monday. The stock has a fifty day moving average of $30.01 and a 200 day moving average of $32.20. BlackLine has a 52 week low of $24.70 and a 52 week high of $59.57. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.80 and a beta of 0.67. The company has a quick ratio of 1.72, a current ratio of 1.69 and a debt-to-equity ratio of 2.16.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Thursday, November 5th. The technology company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. The business had revenue of $193.40 million for the quarter, compared to the consensus estimate of $194.17 million. BlackLine had a net margin of 5.37% and a return on equity of 23.73%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. As a group, research analysts expect that BlackLine will post 1.00 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other news, CAO Michelle D. Stalick sold 780 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $33.65, for a total transaction of $26,247.00. Following the sale, the chief accounting officer owned 34,712 shares in the company, valued at approximately $1,168,058.80. The trade was a 2.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Therese Tucker sold 70,000 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $31.96, for a total transaction of $2,237,200.00. Following the sale, the director owned 381,557 shares in the company, valued at approximately $12,194,561.72. This trade represents a 15.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 9.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BL. Hawk Ridge Capital Management LP boosted its stake in BlackLine by 26.3% during the first quarter. Hawk Ridge Capital Management LP now owns 1,890,823 shares of the technology company’s stock worth $69,960,000 after acquiring an additional 393,192 shares in the last quarter. ICONIQ Capital LLC bought a new position in shares of BlackLine during the second quarter valued at approximately $58,584,000. Engaged Capital LLC increased its stake in shares of BlackLine by 26.2% during the first quarter. Engaged Capital LLC now owns 1,367,619 shares of the technology company’s stock valued at $50,602,000 after purchasing an additional 284,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of BlackLine by 20.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,063,655 shares of the technology company’s stock valued at $39,354,000 after purchasing an additional 181,577 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of BlackLine during the second quarter valued at approximately $27,532,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

About BlackLine

BlackLine, Inc. provides cloud-based software that helps organizations automate accounting and finance operations. Its platform supports processes such as financial close management, account reconciliations, intercompany accounting, and financial reporting. The company’s products also help businesses manage accounts receivable and invoice-to-cash workflows, including cash application and collections. BlackLine’s software is designed to work alongside enterprise resource planning systems and other financial applications.