Analysts Set BlackLine, Inc. (NASDAQ:BL) PT at $66.00

BlackLine, Inc. (NASDAQ:BL) has received an average rating of “Hold” from the twelve research firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $66.00.

A number of equities analysts have recently commented on BL shares. JMP Securities raised their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. Citigroup raised their target price on shares of BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th.

Insiders Place Their Bets

In related news, insider Karole Morgan-Prager sold 5,773 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total transaction of $318,323.22. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,278,516.10. This represents a 4.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of the firm’s 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 sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,560 shares of company stock valued at $3,531,114. Company insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BL. FMR LLC boosted its holdings in shares of BlackLine by 1.3% in the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after acquiring an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares during the period. Geode Capital Management LLC raised its stake in shares of BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after buying an additional 3,498 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in shares of BlackLine by 2.8% in the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after buying an additional 24,446 shares during the period. Institutional investors own 95.13% of the company’s stock.

BlackLine Trading Down 2.1 %

NASDAQ BL opened at $61.20 on Wednesday. The company has a market cap of $3.82 billion, a P/E ratio of 62.45, a P/E/G ratio of 15.18 and a beta of 0.90. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The company has a 50-day moving average of $60.74 and a 200-day moving average of $53.67.

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.