BlackLine (NASDAQ:BL) Given New $55.00 Price Target at Truist Financial

BlackLine (NASDAQ:BL) had its price target cut by Truist Financial from $60.00 to $55.00 in a research note released on Wednesday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other analysts have also recently commented on BL. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Piper Sandler dropped their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. increased their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Thursday, January 16th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and increased their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Performance

BL opened at $51.94 on Wednesday. The firm’s fifty day simple moving average is $61.62 and its two-hundred day simple moving average is $56.77. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 53.00, 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 (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. Equities analysts anticipate that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s 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 sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently made changes to their positions in BL. FMR LLC boosted its position in shares of 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 buying an additional 64,435 shares during the period. Conestoga Capital Advisors LLC lifted its stake in BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after acquiring an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares during the period. Geode Capital Management LLC grew its position in BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after acquiring an additional 3,498 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after purchasing an additional 889,570 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.