BMO Capital Markets Has Lowered Expectations for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price target dropped by equities researchers at BMO Capital Markets from $68.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the technology company’s stock. BMO Capital Markets’ price objective indicates a potential upside of 14.90% from the company’s current price.

A number of other analysts have also recently issued reports on BL. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Morgan Stanley increased their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Piper Sandler lowered their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $67.20.

BlackLine Stock Down 17.6 %

NASDAQ BL traded down $11.18 during trading hours on Wednesday, hitting $52.22. 1,638,613 shares of the company traded hands, compared to its average volume of 590,008. The business’s 50-day moving average is $61.84 and its 200-day moving average is $56.69. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 53.28, a P/E/G ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results 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%. Sell-side analysts anticipate that BlackLine will post 1 earnings per share for the current year.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now 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 legal filing with the SEC, which is available through this hyperlink. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its holdings in BlackLine by 1.3% during the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after buying an additional 64,435 shares during the period. Conestoga Capital Advisors LLC lifted its holdings in BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after buying an additional 354,784 shares during the period. JPMorgan Chase & Co. lifted its holdings in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares during the period. Geode Capital Management LLC lifted its holdings in BlackLine by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after buying an additional 3,498 shares during the period. Finally, American Century Companies Inc. lifted its holdings in BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after buying an additional 889,570 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.