BlackLine (NASDAQ:BL) Upgraded at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a research report released on Monday.

Several other equities research analysts have also weighed in on the company. JMP Securities reissued a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Thursday, January 16th. JPMorgan Chase & Co. raised their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Morgan Stanley boosted their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $67.33.

BlackLine Stock Performance

Shares of BlackLine stock opened at $62.89 on Monday. The business’s fifty day simple moving average is $61.50 and its 200 day simple moving average is $55.68. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The firm has a market capitalization of $3.93 billion, a P/E ratio of 64.17, a price-to-earnings-growth ratio of 13.52 and a beta of 0.91.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value 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 represents a 25.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its position in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after acquiring an additional 34,919 shares in the last quarter. Icon Wealth Advisors LLC raised its stake in shares of BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in shares of BlackLine by 430.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after purchasing an additional 73,362 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of BlackLine by 61.9% during the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new stake in shares of BlackLine during the third quarter valued at $1,506,000. 95.13% of the stock is owned by institutional investors.

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.