BlackLine (NASDAQ:BL) Price Target Lowered to $58.00 at Piper Sandler

BlackLine (NASDAQ:BL) had its price target reduced by Piper Sandler from $60.00 to $58.00 in a research note published on Wednesday,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

BL has been the subject of a number of other reports. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Thursday, January 16th. Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. JMP Securities reissued a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Finally, Morgan Stanley increased their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Stock Down 18.1 %

BL opened at $51.94 on Wednesday. The business’s fifty day simple moving average is $61.62 and its 200 day simple moving average is $56.77. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a market cap of $3.25 billion, a PE ratio of 53.00, a P/E/G ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data 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%. As a group, research analysts expect that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on 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 completion of the transaction, the executive now directly 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 sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently made changes to their positions in BL. Principal Financial Group Inc. boosted its position in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after buying an additional 34,919 shares during the period. Icon Wealth Advisors LLC raised its holdings 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 buying an additional 12,415 shares during the period. Victory Capital Management Inc. lifted its stake in shares of BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after acquiring an additional 9,820 shares during the last quarter. Weiss Asset Management LP purchased a new position in BlackLine during the 3rd quarter valued at $1,506,000. Finally, Eagle Asset Management Inc. grew its position in BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after acquiring an additional 86,931 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

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.