BlackLine (NASDAQ:BL) Hits New 52-Week Low at $43.79

BlackLine, Inc. (NASDAQ:BLGet Free Report) hit a new 52-week low during trading on Thursday . The stock traded as low as $43.79 and last traded at $43.91, with a volume of 18756 shares. The stock had previously closed at $44.06.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BL shares. Piper Sandler raised BlackLine from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. Citigroup dropped their price objective on shares of BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Wolfe Research initiated coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. William Blair raised shares of BlackLine to a “hold” rating in a report on Tuesday, May 7th. Finally, BMO Capital Markets raised their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock 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 given a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and an average target price of $64.56.

View Our Latest Analysis on BL

BlackLine Stock Performance

The stock has a fifty day simple moving average of $54.24 and a two-hundred day simple moving average of $58.83. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 191.57, a P/E/G ratio of 5.08 and a beta of 0.86.

BlackLine (NASDAQ:BLGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. The company had revenue of $157.46 million for the quarter, compared to the consensus estimate of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. Analysts expect that BlackLine, Inc. will post 1.1 EPS for the current fiscal year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the transaction, the executive now owns 104,682 shares in the company, valued at approximately $6,071,556. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now owns 104,682 shares in the company, valued at approximately $6,071,556. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Large investors have recently added to or reduced their stakes in the business. Meritage Group LP bought a new stake in BlackLine in the third quarter valued at $59,530,000. Vanguard Group Inc. increased its position in BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after buying an additional 642,772 shares in the last quarter. Hawk Ridge Capital Management LP bought a new stake in BlackLine in the 3rd quarter valued at about $21,853,000. Norges Bank bought a new position in BlackLine in the fourth quarter worth approximately $16,927,000. Finally, Principal Financial Group Inc. grew its stake in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after acquiring an additional 259,274 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Company Profile

(Get Free Report)

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.

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