Piper Sandler Cuts BlackLine (NASDAQ:BL) Price Target to $58.00

BlackLine (NASDAQ:BL) had its target price decreased by Piper Sandler from $60.00 to $58.00 in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

BL has been the topic of several other research reports. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. 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. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. StockNews.com downgraded BlackLine from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. Finally, Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $66.40.

BlackLine Trading Down 1.7 %

Shares of BL opened at $51.37 on Wednesday. The firm has a fifty day simple moving average of $61.15 and a two-hundred day simple moving average of $56.77. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The stock has a market capitalization of $3.21 billion, a P/E ratio of 52.42, 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 posted its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, research analysts anticipate that BlackLine will post 1 EPS for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new stake in BlackLine in the 4th quarter worth about $31,000. Global Retirement Partners LLC boosted its holdings in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after acquiring an additional 449 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after acquiring an additional 414 shares during the period. GAMMA Investing LLC raised its holdings in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in BlackLine during the fourth quarter valued at approximately $50,000. 95.13% of the stock is owned by institutional investors.

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.