Piper Sandler Has Lowered Expectations for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective dropped by stock analysts at Piper Sandler from $60.00 to $58.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Piper Sandler’s price objective would indicate a potential downside of 8.52% from the company’s previous close.

Several other analysts also recently commented on BL. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. StockNews.com downgraded BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. increased their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Thursday, January 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $67.90.

BlackLine Stock Down 1.6 %

Shares of NASDAQ BL opened at $63.40 on Wednesday. The stock has a market cap of $3.96 billion, a PE ratio of 64.69, a price-to-earnings-growth 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 has a 52-week low of $43.37 and a 52-week high of $69.31. The business has a 50-day moving average price of $61.84 and a 200 day moving average price of $56.69.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. Equities research analysts forecast that BlackLine will post 1 earnings per share for the current year.

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 9.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently modified their holdings of the company. WINTON GROUP Ltd purchased a new position in shares of BlackLine during the 4th quarter worth about $6,163,000. Pier Capital LLC lifted its holdings in shares of BlackLine by 3.0% during the 4th quarter. Pier Capital LLC now owns 156,284 shares of the technology company’s stock worth $9,496,000 after acquiring an additional 4,558 shares during the period. Segall Bryant & Hamill LLC purchased a new position in shares of BlackLine during the 4th quarter worth about $6,261,000. Advantage Alpha Capital Partners LP lifted its holdings in shares of BlackLine by 51.7% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 79,440 shares of the technology company’s stock worth $4,827,000 after acquiring an additional 27,081 shares during the period. Finally, LPL Financial LLC lifted its holdings in shares of BlackLine by 88.5% during the 4th quarter. LPL Financial LLC now owns 17,248 shares of the technology company’s stock worth $1,048,000 after acquiring an additional 8,100 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

About BlackLine

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.