BlackLine (NASDAQ:BL) Receives Consensus Recommendation of "Hold" from Analysts

BlackLine (NASDAQ:BL - Get Free Report) has been assigned an average recommendation of "Hold" from the thirteen ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $60.54.

BL has been the topic of several analyst reports. The Goldman Sachs Group lowered their price objective on BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research note on Thursday, April 17th. Truist Financial upped their price target on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Morgan Stanley cut their price objective on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Piper Sandler boosted their target price on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, DA Davidson dropped their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, April 14th.

Insider Activity

In other news, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the sale, the executive now owns 61,390 shares in the company, valued at $3,354,963.50. The trade was a 2.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total transaction of $43,836.30. Following the sale, the chief accounting officer now directly owns 25,235 shares of the company's stock, valued at approximately $1,391,457.90. This trade 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 owned by insiders.

Institutional Trading of BlackLine

A number of institutional investors have recently bought and sold shares of BL. Principal Financial Group Inc. boosted its stake in BlackLine by 4.9% during the 4th quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company's stock worth $18,534,000 after acquiring an additional 14,256 shares during the last quarter. Sei Investments Co. raised its holdings in BlackLine by 6.2% in the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock worth $8,955,000 after purchasing an additional 8,558 shares during the period. Bridgewater Associates LP bought a new position in shares of BlackLine during the fourth quarter worth $244,000. Deutsche Bank AG grew its holdings in shares of BlackLine by 59.2% in the 4th quarter. Deutsche Bank AG now owns 53,811 shares of the technology company's stock valued at $3,270,000 after buying an additional 20,008 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of BlackLine by 62.9% in the 4th quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company's stock valued at $5,869,000 after buying an additional 37,285 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Price Performance

Shares of NASDAQ:BL traded down $0.02 during midday trading on Wednesday, reaching $54.96. 775,399 shares of the company's stock were exchanged, compared to its average volume of 753,933. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66. The company's 50 day simple moving average is $51.93 and its two-hundred day simple moving average is $54.40. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The firm has a market capitalization of $3.43 billion, a PE ratio of 39.83, a price-to-earnings-growth ratio of 9.10 and a beta of 0.94.

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.