BlackLine (NASDAQ:BL) Price Target Raised to $80.00 at Morgan Stanley

BlackLine (NASDAQ:BL) had its target price boosted by Morgan Stanley from $70.00 to $80.00 in a report released on Friday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other analysts have also issued reports on BL. BTIG Research decreased their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Piper Sandler raised their price target on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and an average target price of $63.60.

BlackLine Price Performance

Shares of BL stock traded down $1.25 during mid-day trading on Friday, reaching $59.31. The stock had a trading volume of 671,778 shares, compared to its average volume of 883,800. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a market cap of $3.71 billion, a P/E ratio of 60.52, a price-to-earnings-growth ratio of 15.28 and a beta of 0.90. The business has a 50-day simple moving average of $55.16 and a 200 day simple moving average of $51.75. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,495 shares of company stock worth $7,560,534. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of BlackLine in the third quarter worth approximately $713,000. Pier Capital LLC raised its holdings in shares of BlackLine by 1.3% during the third quarter. Pier Capital LLC now owns 151,726 shares of the technology company’s stock valued at $8,366,000 after acquiring an additional 1,909 shares during the period. XTX Topco Ltd acquired a new position in BlackLine in the 3rd quarter worth approximately $1,099,000. Finally, Weiss Asset Management LP purchased a new position in BlackLine during the 3rd quarter worth approximately $1,506,000. 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.