Piper Sandler Raises BlackLine (NASDAQ:BL) Price Target to $50.00

BlackLine (NASDAQ:BL - Get Free Report) had its price target hoisted by analysts at Piper Sandler from $46.00 to $50.00 in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has a "neutral" rating on the technology company's stock. Piper Sandler's price objective would suggest a potential downside of 9.16% from the stock's current price.

A number of other equities analysts have also commented on the company. StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Morgan Stanley reduced their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. JMP Securities reissued a "market outperform" rating and set a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Truist Financial cut their price objective on BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a report on Monday, April 7th. Finally, Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and raised their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $60.75.

BlackLine Stock Up 3.4%

BL traded up $1.81 on Wednesday, hitting $55.04. 401,198 shares of the company were exchanged, compared to its average volume of 804,975. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a market cap of $3.47 billion, a PE ratio of 38.02, a PEG 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's fifty day moving average is $47.50 and its 200-day moving average is $55.13.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Equities research analysts predict that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Transactions at BlackLine

In related 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 value of $451,400.96. Following the completion of the sale, the executive now directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. The trade was a 12.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.60% of the company's stock.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in BlackLine during the 4th quarter valued at about $31,000. Global Retirement Partners LLC boosted its stake in BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after purchasing an additional 414 shares during the last quarter. GAMMA Investing LLC boosted its stake in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in BlackLine during the 4th quarter valued at about $50,000. 95.13% of the stock is owned by institutional investors.

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.