Piper Sandler Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its target price upped by Piper Sandler from $51.00 to $60.00 in a research note released on Friday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

A number of other research firms have also issued reports on BL. BTIG Research dropped their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial boosted their price target on shares of BlackLine from $45.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $60.00 to $70.00 in a research note on Monday, September 30th. Finally, Robert W. Baird dropped their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $62.10.

BlackLine Trading Up 1.5 %

Shares of BL traded up $0.92 during trading on Friday, reaching $60.37. 1,268,255 shares of the company traded hands, compared to its average volume of 887,892. The stock has a 50-day simple moving average of $53.91 and a 200-day simple moving average of $51.72. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The stock has a market cap of $3.75 billion, a PE ratio of 67.08, a price-to-earnings-growth ratio of 13.50 and a beta of 0.90.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. During the same period in the previous year, the company posted ($0.69) EPS. BlackLine’s revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that BlackLine will post 0.96 earnings per share for the current year.

Insider Activity

In other news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the sale, the director now directly owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,873 shares of company stock valued at $7,840,243 over the last three months. Corporate insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in BlackLine in the 2nd quarter worth $32,000. EntryPoint Capital LLC purchased a new position in shares of BlackLine during the first quarter worth approximately $36,000. 1620 Investment Advisors Inc. purchased a new position in shares of BlackLine during the second quarter worth approximately $64,000. Covestor Ltd increased its holdings in BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares during the period. Finally, Fifth Third Bancorp increased its holdings in BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors.

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.