BlackLine (NASDAQ:BL) Price Target Cut to $55.00 by Analysts at Truist Financial

BlackLine (NASDAQ:BL) had its target price decreased by Truist Financial from $60.00 to $55.00 in a report issued on Wednesday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

BL has been the subject of several other research reports. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Thursday, January 16th. JMP Securities reissued a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and upped their price target for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $66.40.

BlackLine Price Performance

BL stock opened at $51.37 on Wednesday. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 52.42, a PEG ratio of 9.14 and a beta of 0.92. The company has a quick ratio of 2.69, a current 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 company’s fifty day simple moving average is $61.15 and its 200 day simple moving average is $56.77.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, analysts expect that BlackLine will post 1 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

A number of institutional investors and hedge funds have recently modified their holdings of the business. HighTower Advisors LLC boosted its position in BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after purchasing an additional 161 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after buying an additional 185 shares during the last quarter. Arizona State Retirement System grew its position in BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock valued at $931,000 after buying an additional 192 shares during the period. Louisiana State Employees Retirement System increased its holdings in BlackLine by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after buying an additional 200 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its position in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after acquiring an additional 209 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.