BlackLine, Inc. (NASDAQ:BL) Receives $62.78 Consensus Target Price from Analysts

BlackLine, Inc. (NASDAQ:BL) has received an average rating of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $62.78.

Several equities analysts recently weighed in on BL shares. Citigroup decreased their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. William Blair raised shares of BlackLine to a “hold” rating in a research note on Tuesday, May 7th. JMP Securities reissued a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Piper Sandler decreased their target price on shares of BlackLine from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Robert W. Baird raised their target price on shares of BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th.

Insider Buying and Selling at BlackLine

In other BlackLine news, CEO Owen Ryan bought 3,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the transaction, the chief executive officer now directly owns 145,948 shares in the company, valued at approximately $7,279,886.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Owen Ryan purchased 3,000 shares of BlackLine stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the acquisition, the chief executive officer now owns 145,948 shares in the company, valued at approximately $7,279,886.24. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total value of $2,369,000.00. Following the sale, the chief financial officer now owns 229,341 shares in the company, valued at $10,866,176.58. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of hedge funds and other institutional investors have recently made changes to their positions in BL. Vanguard Group Inc. lifted its stake in shares of BlackLine by 9.5% in 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 period. Hawk Ridge Capital Management LP lifted its stake in shares of BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after acquiring an additional 336,298 shares during the period. Norges Bank acquired a new position in shares of BlackLine in the fourth quarter worth approximately $16,927,000. Principal Financial Group Inc. lifted its stake in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after buying an additional 259,274 shares during the period. Finally, Stanley Laman Group Ltd. acquired a new position in BlackLine in the fourth quarter valued at approximately $8,764,000. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Price Performance

Shares of BL opened at $45.57 on Friday. The stock has a market capitalization of $2.82 billion, a P/E ratio of 198.13, a P/E/G ratio of 5.32 and a beta of 0.86. BlackLine has a twelve month low of $43.79 and a twelve month high of $69.31. The company has a 50 day moving average of $47.17 and a 200-day moving average of $55.92. 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 (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.10. The company had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. As a group, equities research analysts forecast that BlackLine will post 1.1 EPS for the current fiscal year.

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.