BlackLine (NASDAQ:BL) Stock Price Expected to Rise, JMP Securities Analyst Says

BlackLine (NASDAQ:BL) had its target price increased by JMP Securities from $81.00 to $86.00 in a report published on Friday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the technology company’s stock.

Several other brokerages have also commented on BL. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Morgan Stanley raised their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus target price of $64.10.

BlackLine Stock Performance

Shares of BlackLine stock opened at $62.70 on Friday. The firm has a market cap of $3.92 billion, a P/E ratio of 63.98, a P/E/G ratio of 14.48 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock’s fifty day moving average price is $56.26 and its 200-day moving average price is $51.70.

Insider Buying and Selling

In related news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock valued at $7,488,826 over the last quarter. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BL. Quarry LP purchased a new stake in shares of BlackLine in the second quarter valued at approximately $32,000. EntryPoint Capital LLC purchased a new stake in shares of BlackLine during the first quarter worth approximately $36,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine during the second quarter worth approximately $64,000. Covestor Ltd increased its position in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of 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 purchasing an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

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.