BlackLine (NASDAQ:BL) Given New $70.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its target price dropped by investment analysts at Citigroup from $73.00 to $70.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s target price indicates a potential upside of 32.24% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Truist Financial reduced their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Price Performance

Shares of NASDAQ BL traded down $10.47 during trading hours on Wednesday, reaching $52.94. 2,640,151 shares of the stock traded hands, compared to its average volume of 636,884. The company has a market capitalization of $3.31 billion, a P/E ratio of 54.02, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The company’s 50-day simple moving average is $61.84 and its two-hundred day simple moving average is $56.69.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Equities research analysts forecast that BlackLine will post 1 EPS for the current 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 stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BL. Principal Financial Group Inc. raised its stake in shares of BlackLine by 13.6% in the third 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. Icon Wealth Advisors LLC raised its stake 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 purchasing an additional 12,415 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after purchasing an additional 9,820 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of BlackLine in the third quarter worth $1,506,000. Finally, Eagle Asset Management Inc. grew its holdings in shares of BlackLine by 74.0% in the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after acquiring an additional 86,931 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.