BlackLine (NASDAQ:BL) Price Target Cut to $65.00 by Analysts at Morgan Stanley

BlackLine (NASDAQ:BL - Free Report) had its target price decreased by Morgan Stanley from $80.00 to $65.00 in a report published on Wednesday morning, Marketbeat Ratings reports. Morgan Stanley currently has an overweight rating on the technology company's stock.

A number of other equities analysts also recently commented on the stock. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. StockNews.com lowered shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. JMP Securities restated a "market outperform" rating and issued a $86.00 target price on shares of BlackLine in a research note 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 research report on Monday, April 7th. Finally, Citigroup lowered their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $61.00.

BlackLine Stock Down 2.2 %

Shares of NASDAQ BL traded down $0.96 during midday trading on Wednesday, reaching $43.48. 493,770 shares of the company's stock traded hands, compared to its average volume of 805,766. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 10.80 and a beta of 0.97. The stock's 50 day simple moving average is $48.13 and its 200-day simple moving average is $56.06. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine has a one year low of $40.82 and a one year high of $66.25.

BlackLine (NASDAQ:BL - Get Free Report) last announced 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 net margin of 24.67% and a return on equity of 21.63%. On average, analysts predict that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 8.60% of the stock is owned by insiders.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BDF Gestion purchased a new stake in BlackLine in the 1st quarter worth approximately $1,937,000. Stanley Laman Group Ltd. boosted its holdings in BlackLine by 6.0% during the first quarter. Stanley Laman Group Ltd. now owns 98,879 shares of the technology company's stock worth $4,788,000 after buying an additional 5,566 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in BlackLine during the first quarter valued at $1,065,000. Procyon Advisors LLC increased its holdings in BlackLine by 21.6% in the first quarter. Procyon Advisors LLC now owns 7,834 shares of the technology company's stock valued at $379,000 after buying an additional 1,392 shares in the last quarter. Finally, NBC Securities Inc. increased its holdings in BlackLine by 100,075.0% in the first quarter. NBC Securities Inc. now owns 8,014 shares of the technology company's stock valued at $388,000 after buying an additional 8,006 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

About BlackLine

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.