BlackLine (NASDAQ:BL) Stock Price Up 5.6%

Shares of BlackLine, Inc. (NASDAQ:BL) were up 5.6% on Monday . The company traded as high as $56.17 and last traded at $55.82. Approximately 239,431 shares were traded during trading, a decline of 74% from the average daily volume of 923,167 shares. The stock had previously closed at $52.85.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BL shares. Robert W. Baird dropped their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Truist Financial dropped their price target on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Citigroup decreased their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $70.00 in a research report on Monday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.90.

BlackLine Price Performance

The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a market capitalization of $3.35 billion, a P/E ratio of 235.35, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89. The company has a 50-day moving average price of $49.67 and a 200-day moving average price of $52.85.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the company earned ($0.69) EPS. The firm’s revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,262,575. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,262,575. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 117,721 shares of company stock worth $6,379,052. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp raised its holdings in BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after acquiring an additional 266 shares in the last quarter. Arizona State Retirement System raised its holdings in BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after acquiring an additional 325 shares in the last quarter. Covestor Ltd raised its holdings in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after acquiring an additional 340 shares in the last quarter. Whittier Trust Co. raised its holdings in BlackLine by 9.7% during the first quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock worth $303,000 after acquiring an additional 414 shares in the last quarter. Finally, YHB Investment Advisors Inc. bought a new stake in BlackLine during the first quarter worth about $33,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

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.