BlackLine (NASDAQ:BL) PT Lowered to $45.00 at Truist Financial

BlackLine (NASDAQ:BL) had its price objective cut by Truist Financial from $60.00 to $45.00 in a report published on Wednesday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other research analysts also recently issued reports on the stock. JMP Securities reissued a market outperform rating and set a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Robert W. Baird boosted their price objective on shares of BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. William Blair raised shares of BlackLine to a hold rating in a research report on Tuesday, May 7th. BMO Capital Markets upped their target price on shares of BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research report on Wednesday, May 8th. Finally, Piper Sandler reduced their target price on shares of BlackLine from $55.00 to $51.00 and set a neutral rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $58.78.

BlackLine Trading Up 0.9 %

Shares of BL traded up $0.48 during mid-day trading on Wednesday, reaching $51.66. The company’s stock had a trading volume of 750,576 shares, compared to its average volume of 977,919. The stock has a market cap of $3.19 billion, a PE ratio of 224.61, a P/E/G ratio of 5.32 and a beta of 0.86. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company’s fifty day moving average price is $47.03 and its two-hundred day moving average price is $55.58.

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, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The firm had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. During the same period in the previous year, the business posted ($0.69) EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts predict that BlackLine will post 1.1 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In related news, insider Jimmy C. Duan bought 2,000 shares of the stock in a transaction on Friday, May 31st. The shares were acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the purchase, the insider now owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Mark Partin sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 229,341 shares in the company, valued at approximately $10,866,176.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the purchase, the insider now directly owns 50,360 shares in the company, valued at $2,403,682.80. The disclosure for this purchase can be found here. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently made changes to their positions in BL. CWM LLC raised its stake in BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares during the period. TFO Wealth Partners LLC grew its holdings in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after buying an additional 454 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in BlackLine during the 1st quarter valued at approximately $33,000. EntryPoint Capital LLC purchased a new stake in BlackLine during the 1st quarter valued at approximately $36,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in BlackLine during the 2nd quarter valued at approximately $64,000. Institutional investors own 95.13% of the company’s stock.

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.