BlackLine (NASDAQ:BL) Price Target Raised to $67.00

BlackLine (NASDAQ:BL) had its target price hoisted by analysts at BMO Capital Markets from $65.00 to $67.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 8.12% from the stock’s current price.

BL has been the subject of a number of other reports. JMP Securities reissued a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a report on Wednesday, February 14th. The Goldman Sachs Group increased their price objective on shares of BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a research report on Tuesday, January 23rd. Piper Sandler raised BlackLine from an “underweight” rating to a “neutral” rating and upped their target price for the company from $55.00 to $62.00 in a research note on Tuesday, April 23rd. William Blair downgraded BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. cut their price target on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.10.

BlackLine Trading Up 2.5 %

Shares of BL traded up $1.54 during trading hours on Wednesday, reaching $61.97. 387,342 shares of the company traded hands, compared to its average volume of 881,315. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -621.70, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The company’s fifty day moving average price is $62.49 and its two-hundred day moving average price is $59.63. BlackLine has a 12 month low of $47.26 and a 12 month high of $69.31.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.28. The firm had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. Equities research analysts predict that BlackLine will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total transaction of $166,866.00. Following the sale, the executive now owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in shares of BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares during the period. TFO Wealth Partners LLC raised its position in BlackLine by 9,080.0% in the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after purchasing an additional 454 shares in the last quarter. YHB Investment Advisors Inc. acquired a new stake in BlackLine in the 1st quarter valued at about $33,000. CVA Family Office LLC acquired a new stake in BlackLine in the 4th quarter valued at about $38,000. Finally, Federated Hermes Inc. raised its position in shares of BlackLine by 505.2% during the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after acquiring an additional 773 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.