BlackLine (NASDAQ:BL) Price Target Cut to $47.00 by Analysts at JPMorgan Chase & Co.

BlackLine (NASDAQ:BL) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $50.00 to $47.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 3.75% from the company’s current price.

Several other brokerages have also recently issued reports on BL. William Blair upgraded BlackLine to a “hold” rating in a research note on Tuesday, May 7th. JMP Securities reiterated a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a report on Monday, July 15th. BMO Capital Markets raised their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a report on Wednesday, May 8th. Citigroup lowered their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Finally, Piper Sandler cut their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $59.33.

BlackLine Trading Up 10.8 %

BL traded up $4.74 on Wednesday, hitting $48.83. The company had a trading volume of 1,548,839 shares, compared to its average volume of 971,382. The company’s fifty day moving average price is $46.96 and its 200 day moving average price is $55.66. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. The firm has a market cap of $3.02 billion, a P/E ratio of 212.48, a PEG ratio of 5.32 and a beta of 0.86.

BlackLine (NASDAQ:BL) last posted 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 return on equity of 9.07% and a net margin of 2.30%. The firm had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same quarter in the previous year, the business earned ($0.69) EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts expect that BlackLine will post 1.1 earnings per share for the current year.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were 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 $10,866,176.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Owen Ryan acquired 3,000 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $49.88 per share, with a total value of $149,640.00. Following the purchase, the chief executive officer now directly owns 145,948 shares in the company, valued at approximately $7,279,886.24. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the stock in a transaction dated 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 in the company, valued at $10,866,176.58. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several institutional investors and hedge funds have recently added to or reduced their stakes in BL. CWM LLC lifted its holdings in shares of BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. NBC Securities Inc. boosted its position in shares of BlackLine by 2.5% in the fourth quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock worth $740,000 after buying an additional 285 shares during the period. Arizona State Retirement System grew its stake in shares of BlackLine by 2.3% in the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.