BlackLine (NASDAQ:BL) Raised to Strong-Buy at DA Davidson

BlackLine (NASDAQ:BL - Get Free Report) was upgraded by analysts at DA Davidson to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the company. Piper Sandler increased their price objective on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Truist Financial increased their price objective on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Wall Street Zen downgraded BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Morgan Stanley decreased their price objective on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald initiated coverage on BlackLine in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $60.31.

BlackLine Stock Up 1.3%

NASDAQ BL opened at $57.05 on Tuesday. The business has a fifty day moving average price of $55.86 and a two-hundred day moving average price of $53.28. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The stock has a market capitalization of $3.56 billion, a PE ratio of 41.34, a PEG ratio of 9.30 and a beta of 0.93.

Insider Activity at BlackLine

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

Institutional Investors Weigh In On BlackLine

Several large investors have recently modified their holdings of BL. Hawk Ridge Capital Management LP grew its stake in BlackLine by 124.3% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,959,945 shares of the technology company's stock valued at $94,901,000 after buying an additional 1,086,185 shares in the last quarter. Topline Capital Management LLC purchased a new position in BlackLine in the 4th quarter valued at approximately $60,572,000. American Century Companies Inc. grew its stake in BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after buying an additional 889,570 shares in the last quarter. First Manhattan CO. LLC. grew its stake in BlackLine by 408.7% in the 1st quarter. First Manhattan CO. LLC. now owns 815,975 shares of the technology company's stock valued at $39,510,000 after buying an additional 655,565 shares in the last quarter. Finally, Westwood Holdings Group Inc. boosted its holdings in BlackLine by 106.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,186,347 shares of the technology company's stock valued at $57,443,000 after purchasing an additional 611,499 shares during the period. Hedge funds and other 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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