BlackLine (NASDAQ:BL) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of BlackLine (NASDAQ:BL – Get Rating) in a report published on Monday, The Fly reports. The firm issued an equal weight rating and a $60.00 price target on the technology company’s stock.

Several other equities analysts have also recently issued reports on the stock. BMO Capital Markets lowered their target price on shares of BlackLine from $71.00 to $59.00 in a research note on Friday, May 5th. StockNews.com initiated coverage on shares of BlackLine in a research note on Thursday, May 18th. They set a hold rating on the stock. Citigroup upgraded shares of BlackLine from a sell rating to a neutral rating in a research note on Monday, May 8th. Piper Sandler lowered their price objective on shares of BlackLine from $64.00 to $55.00 in a research note on Friday, May 5th. Finally, Robert W. Baird lowered their price objective on shares of BlackLine from $82.00 to $64.00 in a research note on Friday, May 5th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $63.55.

BlackLine Trading Down 2.7 %

NASDAQ:BL opened at $49.51 on Monday. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 11.85. The company has a fifty day moving average of $58.61 and a 200 day moving average of $64.50. The firm has a market capitalization of $2.99 billion, a P/E ratio of -99.02, a P/E/G ratio of 15.50 and a beta of 0.88. BlackLine has a 52 week low of $48.73 and a 52 week high of $79.23.

BlackLine (NASDAQ:BL – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $138.98 million for the quarter, compared to the consensus estimate of $137.91 million. BlackLine had a negative net margin of 5.79% and a negative return on equity of 10.19%. On average, research analysts predict that BlackLine will post 0.08 earnings per share for the current year.

Insider Transactions at BlackLine

In other news, CTO Peter Hirsch sold 1,397 shares of BlackLine stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $53.28, for a total transaction of $74,432.16. Following the completion of the sale, the chief technology officer now directly owns 56,055 shares in the company, valued at $2,986,610.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Thomas Unterman sold 448 shares of BlackLine stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $68.31, for a total value of $30,602.88. Following the completion of the sale, the director now directly owns 52,583 shares in the company, valued at $3,591,944.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Peter Hirsch sold 1,397 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $53.28, for a total transaction of $74,432.16. Following the sale, the chief technology officer now directly owns 56,055 shares of the company’s stock, valued at $2,986,610.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,153 shares of company stock worth $1,799,970. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently modified their holdings of the stock. Evermay Wealth Management LLC acquired a new position in BlackLine in the 4th quarter worth approximately $30,000. FNY Investment Advisers LLC acquired a new position in BlackLine in the 4th quarter worth approximately $33,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in BlackLine by 79.5% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 508 shares of the technology company’s stock worth $33,000 after buying an additional 225 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in BlackLine in the 1st quarter worth approximately $35,000. Finally, Quarry LP increased its holdings in BlackLine by 1,101.9% in the 1st quarter. Quarry LP now owns 625 shares of the technology company’s stock worth $42,000 after buying an additional 573 shares during the period. Institutional investors and hedge funds own 99.96% of the company’s stock.

About BlackLine

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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.