BlackLine (NASDAQ:BL) PT Raised to $50.00

BlackLine (NASDAQ:BL) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $47.00 to $50.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 11.61% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Piper Sandler reduced their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Robert W. Baird decreased their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $60.00 to $70.00 in a report on Monday, September 30th. Citigroup lowered their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Finally, BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $60.20.

BlackLine Stock Down 1.1 %

BL stock opened at $56.57 on Friday. The stock has a market capitalization of $3.50 billion, a PE ratio of 245.96, a price-to-earnings-growth ratio of 13.57 and a beta of 0.90. The company has a fifty day moving average of $52.57 and a 200-day moving average of $51.90. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. BlackLine has a one year low of $43.37 and a one year high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The company had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.69) EPS. As a group, analysts expect that BlackLine will post 0.96 EPS for the current year.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,873 shares of company stock valued at $8,340,243 in the last quarter. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after buying an additional 642,772 shares during the period. Squarepoint Ops LLC acquired a new position in shares of BlackLine during the second quarter worth $15,128,000. Principal Financial Group Inc. boosted its stake in shares of BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after purchasing an additional 259,274 shares during the period. Dimensional Fund Advisors LP grew its holdings in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in BlackLine by 3,027.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after buying an additional 217,751 shares during the period. Hedge funds and other 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.