Citigroup Cuts BlackLine (NASDAQ:BL) Price Target to $54.00

BlackLine (NASDAQ:BL) had its target price decreased by Citigroup from $62.00 to $54.00 in a research note published on Friday morning, Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the company. William Blair raised BlackLine to a hold rating in a report on Tuesday, May 7th. Piper Sandler upgraded BlackLine from an underweight rating to a neutral rating and lifted their target price for the company from $55.00 to $62.00 in a research report on Tuesday, April 23rd. Wolfe Research assumed coverage on shares of BlackLine in a report on Monday, March 18th. They issued a peer perform rating for the company. BMO Capital Markets lifted their price target on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a report on Wednesday, May 8th. Finally, Robert W. Baird increased their price objective 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three 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 price target of $63.56.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $48.45 on Friday. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 210.65, a P/E/G ratio of 5.59 and a beta of 0.86. The stock’s fifty day moving average price is $52.36 and its two-hundred day moving average price is $58.15. BlackLine has a one year low of $43.79 and a one year high of $69.31.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.10. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The firm had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. On average, equities analysts forecast that BlackLine will post 1.1 EPS for the current year.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares in the company, valued at $6,071,556. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Owen Ryan purchased 3,000 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $49.88 per share, for a total transaction of $149,640.00. Following the purchase, the chief executive officer now owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now directly owns 104,682 shares of the company’s stock, valued at $6,071,556. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by corporate insiders.

Institutional Trading of BlackLine

Several institutional investors and hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management LLC lifted its holdings in BlackLine by 44.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 58,476 shares of the technology company’s stock worth $3,651,000 after acquiring an additional 18,014 shares during the period. Hawk Ridge Capital Management LP raised its stake in shares of BlackLine by 85.4% during the 4th quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after purchasing an additional 336,298 shares during the period. Hillsdale Investment Management Inc. purchased a new position in shares of BlackLine in the 4th quarter worth about $4,692,000. Beacon Pointe Advisors LLC grew its position in BlackLine by 17.0% during the fourth quarter. Beacon Pointe Advisors LLC now owns 9,663 shares of the technology company’s stock valued at $603,000 after buying an additional 1,404 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in BlackLine by 34.6% during the fourth quarter. Victory Capital Management Inc. now owns 10,973 shares of the technology company’s stock worth $685,000 after buying an additional 2,818 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

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.