BlackLine (NASDAQ:BL) Given New $50.00 Price Target at Piper Sandler

BlackLine (NASDAQ:BL - Get Free Report) had its target price lifted by research analysts at Piper Sandler from $46.00 to $50.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. Piper Sandler's target price indicates a potential upside of 7.18% from the company's previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of BlackLine from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. JMP Securities reiterated a "market outperform" rating and set a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Truist Financial reduced their price target on BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a report on Monday, April 7th. BMO Capital Markets dropped their price objective on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. Finally, Citigroup reduced their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, BlackLine currently has an average rating of "Hold" and an average target price of $60.33.

BlackLine Price Performance

Shares of BlackLine stock opened at $46.65 on Wednesday. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 32.17, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The company has a fifty day moving average of $47.25 and a 200-day moving average of $55.24. BlackLine has a 52-week low of $40.82 and a 52-week high of $66.25. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.11. The firm had revenue of $166.93 million for the quarter, compared to analysts' expectations of $167.32 million. BlackLine had a return on equity of 21.63% and a net margin of 24.67%. The company's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm earned $0.54 earnings per share. Equities research analysts expect that BlackLine will post 0.9 EPS for the current year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the transaction, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers increased its holdings in BlackLine by 18.2% in the 1st quarter. Cetera Investment Advisers now owns 6,064 shares of the technology company's stock worth $294,000 after buying an additional 935 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of BlackLine by 8.1% in the first quarter. Avantax Advisory Services Inc. now owns 8,999 shares of the technology company's stock worth $436,000 after acquiring an additional 676 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of BlackLine during the first quarter valued at approximately $223,000. Segall Bryant & Hamill LLC lifted its position in BlackLine by 167.8% during the first quarter. Segall Bryant & Hamill LLC now owns 275,898 shares of the technology company's stock valued at $13,359,000 after purchasing an additional 172,860 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in BlackLine by 1.6% in the first quarter. Victory Capital Management Inc. now owns 17,967 shares of the technology company's stock worth $870,000 after purchasing an additional 285 shares during the last quarter. 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.

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