BlackLine (NASDAQ:BL) Coverage Initiated at DA Davidson

Equities research analysts at DA Davidson started coverage on shares of BlackLine (NASDAQ:BL) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $58.00 price target on the technology company’s stock. DA Davidson’s price target indicates a potential upside of 19.79% from the company’s previous close.

BL has been the topic of a number of other research reports. BMO Capital Markets cut their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Piper Sandler reduced their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Truist Financial lowered their target price on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Citigroup lowered their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Two equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.64.

BlackLine Stock Down 0.8 %

Shares of NASDAQ BL opened at $48.42 on Tuesday. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.09. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The company has a market capitalization of $3.04 billion, a P/E ratio of 33.39, a P/E/G ratio of 10.80 and a beta of 1.03. The company has a 50 day simple moving average of $53.85 and a 200-day simple moving average of $56.86.

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

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the sale, the executive now directly owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new stake in BlackLine in the 4th quarter worth about $31,000. Global Retirement Partners LLC lifted its holdings in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after acquiring an additional 449 shares during the period. Quadrant Capital Group LLC boosted its position in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after acquiring an additional 414 shares during the last quarter. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the period. Finally, Headlands Technologies LLC purchased a new position in BlackLine during the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.