BidaskClub Upgrades Blackline (BL) to “Hold”
Blackline (NASDAQ:BL) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Saturday.
Other analysts have also issued research reports about the stock. KeyCorp restated a “buy” rating and set a $39.00 price target on shares of Blackline in a research report on Friday, September 22nd. Robert W. Baird set a $42.00 price target on shares of Blackline and gave the company a “buy” rating in a research report on Sunday, October 1st. SunTrust Banks restated a “buy” rating and set a $42.00 price target on shares of Blackline in a research report on Friday, November 3rd. Finally, JMP Securities upgraded shares of Blackline from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 16th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $38.74.
Shares of Blackline (BL) opened at $34.74 on Friday. Blackline has a 52 week low of $24.30 and a 52 week high of $40.28.
In other news, insider Mario Spanicciati sold 10,625 shares of Blackline stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $32.99, for a total value of $350,518.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sumeru (Gp) L.L.C. Slta sold 2,649,698 shares of the firm’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $34.07, for a total transaction of $90,275,210.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,644,375 shares of company stock worth $158,358,885. Company insiders own 22.35% of the company’s stock.
Several large investors have recently bought and sold shares of BL. Whale Rock Capital Management LLC purchased a new position in shares of Blackline in the third quarter worth about $23,688,000. Conestoga Capital Advisors LLC purchased a new position in shares of Blackline in the third quarter worth about $21,740,000. DF Dent & Co. Inc. raised its stake in Blackline by 21.3% during the third quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock worth $77,466,000 after purchasing an additional 399,130 shares during the period. Artisan Partners Limited Partnership purchased a new position in Blackline during the third quarter worth about $11,316,000. Finally, Wells Fargo & Company MN raised its stake in Blackline by 61.7% during the third quarter. Wells Fargo & Company MN now owns 859,886 shares of the technology company’s stock worth $29,339,000 after purchasing an additional 328,004 shares during the period. 79.28% of the stock is currently owned by hedge funds and other institutional investors.
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BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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