BlackLine (NASDAQ:BL) Price Target Cut to $51.00 by Analysts at Piper Sandler

BlackLine (NASDAQ:BL) had its price target reduced by Piper Sandler from $55.00 to $51.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other research analysts have also commented on BL. JMP Securities reiterated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. Robert W. Baird lifted their target price on BlackLine from $61.00 to $72.00 and gave the stock an outperform rating in a research report on Wednesday, May 8th. BMO Capital Markets lifted their target price on BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research report on Wednesday, May 8th. William Blair upgraded BlackLine to a hold rating in a research report on Tuesday, May 7th. Finally, Citigroup decreased their target price on BlackLine from $62.00 to $54.00 and set a neutral rating for the company in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $58.78.

BlackLine Price Performance

BL stock opened at $51.66 on Wednesday. The company has a quick ratio of 2.30, a current 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 stock’s 50 day moving average is $47.11 and its two-hundred day moving average is $55.48. The company has a market capitalization of $3.19 billion, a PE ratio of 224.61, a P/E/G ratio of 5.32 and a beta of 0.86.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. The company had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same period in the previous year, the business earned ($0.69) EPS. BlackLine’s revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts predict that BlackLine will post 1.1 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The stock was bought at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the transaction, the insider now owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The stock was bought at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the transaction, the insider now owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The disclosure for this sale can be found here. Insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after buying an additional 642,772 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of BlackLine by 2.5% in the 4th quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock worth $118,624,000 after buying an additional 45,950 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of BlackLine by 3.5% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock worth $88,342,000 after buying an additional 47,420 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in shares of BlackLine by 85.4% in the 4th quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after buying an additional 336,298 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after buying an additional 229,151 shares in the last quarter. 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.