JMP Securities Reaffirms “Market Outperform” Rating for BlackLine (NASDAQ:BL)

JMP Securities restated their market outperform rating on shares of BlackLine (NASDAQ:BL) in a report published on Monday, Benzinga reports. They currently have a $81.00 price objective on the technology company’s stock.

Other equities analysts have also issued reports about the stock. BMO Capital Markets increased their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research report on Wednesday, May 8th. Citigroup dropped their price objective 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. William Blair raised shares of BlackLine to a hold rating in a research report on Tuesday, May 7th. Piper Sandler lowered their price target on shares of BlackLine from $62.00 to $55.00 and set a neutral rating on the stock in a research report on Friday, July 12th. Finally, Robert W. Baird raised their price target on shares of BlackLine from $61.00 to $72.00 and gave the stock an outperform rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $62.78.

BlackLine Trading Down 1.5 %

BL opened at $47.93 on Monday. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 208.39, a price-to-earnings-growth ratio of 5.56 and a beta of 0.86. The firm has a 50 day simple moving average of $49.32 and a 200 day simple moving average of $56.80. BlackLine has a fifty-two week low of $43.79 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. The company had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. On average, sell-side analysts anticipate that BlackLine will post 1.1 earnings per share for the current year.

Insider Activity

In related news, CFO Mark Partin sold 50,000 shares of BlackLine stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total value of $2,369,000.00. Following the completion of the sale, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other BlackLine news, CFO Mark Partin sold 50,000 shares of BlackLine stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jimmy C. Duan purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was bought at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the acquisition, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The disclosure for this purchase can be found here. 9.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC grew its holdings in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares in the last quarter. YHB Investment Advisors Inc. purchased a new position in shares of BlackLine during the first quarter worth about $33,000. EntryPoint Capital LLC purchased a new stake in BlackLine in the first quarter worth approximately $36,000. CVA Family Office LLC purchased a new stake in BlackLine in the fourth quarter worth approximately $38,000. Finally, Covestor Ltd boosted its stake in BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.