BlackLine (NASDAQ:BL) Rating Lowered to “Underweight” at Piper Sandler

Piper Sandler cut shares of BlackLine (NASDAQ:BL) from a neutral rating to an underweight rating in a research note released on Monday morning, Marketbeat.com reports. They currently have $60.00 price objective on the technology company’s stock.

Other research analysts have also issued research reports about the company. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. increased their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Truist Financial lifted their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Citigroup increased their price objective on shares of BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, JMP Securities raised their target price on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $66.00.

BlackLine Stock Performance

Shares of BL opened at $57.09 on Monday. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The company’s 50 day simple moving average is $61.16 and its 200 day simple moving average is $54.41. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 58.26, a PEG ratio of 15.18 and a beta of 0.91. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BL. GAMMA Investing LLC increased its position in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after acquiring an additional 185 shares during the last quarter. JPMorgan Chase & Co. increased 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 purchasing an additional 435,271 shares during the last quarter. Principal Financial Group Inc. increased its holdings in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares during the last quarter. 272 Capital LP raised its position in shares of BlackLine by 30.8% in the 3rd quarter. 272 Capital LP now owns 68,437 shares of the technology company’s stock valued at $3,774,000 after purchasing an additional 16,107 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of BlackLine by 1.6% during the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after buying an additional 219 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

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.