BlackLine (NASDAQ:BL) Upgraded at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a research report report published on Wednesday morning.

Several other research firms have also weighed in on BL. Citigroup cut their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Piper Sandler raised their target price on BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley lowered their price target on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research report on Thursday, April 17th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and upped their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $60.75.

BlackLine Trading Up 0.4 %

Shares of BL opened at $53.17 on Wednesday. The company has a market capitalization of $3.35 billion, a P/E ratio of 36.67, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a 50-day moving average price of $47.50 and a 200 day moving average price of $55.15. BlackLine has a one year low of $40.82 and a one year high of $66.25.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Sell-side analysts forecast that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the sale, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.60% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds have recently modified their holdings of the business. Conestoga Capital Advisors LLC grew its position in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of BlackLine by 106.4% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,186,347 shares of the technology company’s stock valued at $57,443,000 after buying an additional 611,499 shares during the period. Topline Capital Management LLC purchased a new position in shares of BlackLine during the 4th quarter valued at $60,572,000. American Century Companies Inc. increased its stake in shares of BlackLine by 12,538.0% in the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after acquiring an additional 889,570 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company’s stock worth $47,602,000 after acquiring an additional 218,976 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.