Raymond James Financial Upgrades BlackLine (NASDAQ:BL) to "Outperform"

Key Points

• BlackLine's stock rating has been upgraded from "market perform" to "outperform" by Raymond James Financial, with a price target of $67.00, suggesting a potential upside of 20.29% from the current price.
• Other analysts have also shown positive sentiment, with Citigroup reaffirming a "buy" rating and increasing their price target to $67.00, while several firms have assigned mixed ratings from "hold" to "neutral".
• BlackLine's stock has shown significant volatility, with a 12-month low of $40.82 and a high of $66.25, and currently has a market capitalization of $3.47 billion.

Raymond James Financial upgraded shares of BlackLine (NASDAQ:BL - Free Report) from a market perform rating to an outperform rating in a report released on Tuesday, MarketBeat reports. They currently have $67.00 price objective on the technology company's stock.

A number of other brokerages have also commented on BL. DA Davidson raised shares of BlackLine to a "strong-buy" rating in a research report on Tuesday, July 22nd. The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research report on Thursday, April 17th. Truist Financial upped their price objective on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen lowered shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, Morgan Stanley cut their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $60.79.

BlackLine Stock Performance

Shares of NASDAQ BL traded down $0.85 during trading hours on Tuesday, hitting $52.93. 632,380 shares of the company's stock were exchanged, compared to its average volume of 499,011. BlackLine has a 1-year low of $40.82 and a 1-year high of $66.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 38.36, a PEG ratio of 8.88 and a beta of 0.91. The company's 50-day moving average price is $55.99 and its 200-day moving average price is $53.23.

Insider Activity at BlackLine

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

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of BlackLine during the 2nd quarter worth approximately $33,000. Quadrant Capital Group LLC increased its stake in shares of BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after purchasing an additional 414 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of BlackLine during the 4th quarter worth about $50,000. Huntington National Bank increased its stake in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after purchasing an additional 829 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in shares of BlackLine during the 4th quarter worth about $73,000. 95.13% of the stock is owned by 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.