Robert W. Baird Cuts BlackLine (NASDAQ:BL) Price Target to $65.00

BlackLine (NASDAQ:BL) had its price objective decreased by Robert W. Baird from $72.00 to $65.00 in a report released on Wednesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the technology company’s stock.

A number of other research firms also recently commented on BL. Truist Financial dropped their target price on shares of BlackLine from $60.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday. William Blair raised shares of BlackLine to a hold rating in a research report on Tuesday, May 7th. JMP Securities reaffirmed a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. Piper Sandler dropped their target price on shares of BlackLine from $55.00 to $51.00 and set a neutral rating on the stock in a research report on Wednesday. Finally, BMO Capital Markets increased their target price on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, BlackLine currently has a consensus rating of Hold and an average price target of $58.78.

BlackLine Stock Up 0.9 %

Shares of BL traded up $0.48 during midday trading on Wednesday, reaching $51.66. The stock had a trading volume of 750,576 shares, compared to its average volume of 977,919. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company’s fifty day simple moving average is $47.03 and its two-hundred day simple moving average is $55.58. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 224.61, a PEG ratio of 5.32 and a beta of 0.86. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the business earned ($0.69) EPS. The company’s revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that BlackLine will post 1.1 earnings per share for the current year.

Insider Transactions at BlackLine

In other news, insider Jimmy C. Duan purchased 2,000 shares of the stock in a transaction dated Friday, May 31st. The stock was acquired at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the acquisition, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jimmy C. Duan acquired 2,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average cost of $47.73 per share, with a total value of $95,460.00. Following the transaction, the insider now directly owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The disclosure for this purchase can be found here. Insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Large investors have recently made changes to their positions in the business. CWM LLC increased its position in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares in the last quarter. YHB Investment Advisors Inc. acquired a new stake in shares of BlackLine in the first quarter worth $33,000. EntryPoint Capital LLC purchased a new position in shares of BlackLine in the first quarter valued at $36,000. 1620 Investment Advisors Inc. purchased a new position in shares of BlackLine in the second quarter valued at $64,000. Finally, Covestor Ltd boosted its stake in shares of BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares during the period. Institutional investors and hedge funds 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.