BlackLine (NASDAQ:BL) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of BlackLine (NASDAQ:BL - Free Report) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

Several other equities analysts have also issued reports on BL. Piper Sandler lifted their price target on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. BMO Capital Markets decreased their price target on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a report on Wednesday, February 12th. Truist Financial boosted their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. DA Davidson reduced their price objective on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley reduced their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, BlackLine presently has a consensus rating of "Hold" and an average price target of $60.75.

BlackLine Price Performance

Shares of NASDAQ BL traded down $0.06 during mid-day trading on Thursday, reaching $54.81. The company had a trading volume of 11,075 shares, compared to its average volume of 804,438. 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 has a one year low of $40.82 and a one year high of $66.25. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 37.83, a PEG ratio of 10.80 and a beta of 0.94. The business's 50-day simple moving average is $48.30 and its 200 day simple moving average is $55.08.

Insider Activity

In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now owns 65,414 shares of the company's stock, valued at approximately $3,249,113.38. This trade represents a 12.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.60% of the company's stock.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently modified their holdings of the business. Bayforest Capital Ltd lifted its position in BlackLine by 282.6% during the first quarter. Bayforest Capital Ltd now owns 4,277 shares of the technology company's stock valued at $207,000 after purchasing an additional 3,159 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of BlackLine by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 164,763 shares of the technology company's stock worth $7,978,000 after purchasing an additional 7,228 shares during the period. Tensile Capital Management LP increased its stake in BlackLine by 17.6% in the 1st quarter. Tensile Capital Management LP now owns 871,485 shares of the technology company's stock worth $42,197,000 after buying an additional 130,488 shares in the last quarter. Select Equity Group L.P. boosted its stake in BlackLine by 350.6% in the 1st quarter. Select Equity Group L.P. now owns 98,506 shares of the technology company's stock worth $4,770,000 after purchasing an additional 76,644 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in BlackLine by 5.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,670 shares of the technology company's stock worth $1,679,000 after purchasing an additional 1,814 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other 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.