Cantor Fitzgerald Begins Coverage on BlackLine (NASDAQ:BL)

Equities research analysts at Cantor Fitzgerald assumed coverage on shares of BlackLine (NASDAQ:BL) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $58.00 price target on the technology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential downside of 0.09% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen cut shares of BlackLine from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. Piper Sandler lifted their target price on shares of BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. The Goldman Sachs Group cut their target price on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a report on Thursday, April 17th. Morgan Stanley cut their target price on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, DA Davidson cut their target price on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $60.54.

BlackLine Stock Performance

Shares of BlackLine stock opened at $58.05 on Tuesday. The firm’s fifty day simple moving average is $49.66 and its 200-day simple moving average is $54.79. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 40.03, a PEG ratio of 10.80 and a beta of 0.94. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 1,856 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. The trade was a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michelle D. Stalick sold 795 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total transaction of $43,836.30. Following the completion of the sale, the chief accounting officer now owns 25,235 shares in the company, valued at $1,391,457.90. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BL. KBC Group NV raised its stake in BlackLine by 44.0% in the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after purchasing an additional 666 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of BlackLine by 154.1% during the 4th quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company’s stock valued at $253,000 after acquiring an additional 2,522 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new stake in BlackLine during the 4th quarter worth approximately $263,000. Louisiana State Employees Retirement System increased its position in BlackLine by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after purchasing an additional 200 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. increased its position in BlackLine by 17.1% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 480,000 shares of the technology company’s stock worth $29,165,000 after purchasing an additional 70,000 shares in the last quarter. Institutional investors and hedge funds 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.