Cantor Fitzgerald Begins Coverage on BlackLine (NASDAQ:BL)

Stock analysts at Cantor Fitzgerald started coverage on shares of BlackLine (NASDAQ:BL - Get Free Report) in a research note issued 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 target indicates a potential downside of 0.09% from the company's previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley dropped their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. DA Davidson dropped their price objective on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. 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 report on Thursday, May 8th. Finally, Piper Sandler raised their price target on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, BlackLine currently has a consensus rating of "Hold" and a consensus price target of $60.54.

BlackLine Stock Up 0.8%

NASDAQ:BL traded up $0.46 during trading hours on Tuesday, reaching $58.05. The company had a trading volume of 816,065 shares, compared to its average volume of 757,148. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 40.03, a P/E/G ratio of 10.80 and a beta of 0.94. The business's 50-day simple moving average is $49.66 and its two-hundred day simple moving average is $54.79.

Insider Buying and Selling

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

Institutional Investors Weigh In On BlackLine

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