BlackLine (NASDAQ:BL) Price Target Raised to $86.00

BlackLine (NASDAQ:BL) had its target price hoisted by JMP Securities from $81.00 to $86.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a market outperform rating on the technology company’s stock.

BL has been the subject of several other reports. Morgan Stanley increased their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler reissued a “neutral” rating and set a $60.00 price target on shares of BlackLine in a report on Wednesday. Robert W. Baird lowered their target price 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. Truist Financial upped their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.10.

BlackLine Trading Up 1.6 %

NASDAQ BL opened at $62.70 on Friday. The stock has a market capitalization of $3.92 billion, a P/E ratio of 63.98, a P/E/G ratio of 13.54 and a beta of 0.90. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The firm has a 50-day moving average price of $56.00 and a 200 day moving average price of $51.74. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Activity

In other news, CFO Mark Partin sold 5,648 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,262,575. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 134,108 shares of company stock worth $7,488,826 over the last ninety days. 9.93% of the stock is currently owned by insiders.

Institutional Trading of BlackLine

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after acquiring an additional 642,772 shares during the last quarter. FMR LLC boosted its position in BlackLine by 1.3% during the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after acquiring an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC boosted its position in BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Geode Capital Management LLC boosted its position in BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after acquiring an additional 3,498 shares during the last quarter. Finally, Geneva Capital Management LLC raised its stake in BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares during the period. Institutional investors and hedge funds 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.