BlackLine (NASDAQ:BL) Receives Average Recommendation of "Hold" from Analysts

BlackLine (NASDAQ:BL - Get Free Report) has received an average rating of "Hold" from the thirteen research firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $60.54.

Several equities research analysts have issued reports on the stock. Truist Financial boosted their price target on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a report on Thursday, May 8th. DA Davidson lowered their price target on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wall Street Zen lowered shares of BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Piper Sandler boosted their price target on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley lowered their price target on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 1,856 shares of the 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 completion of the sale, the executive directly owned 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the sale, the chief accounting officer directly owned 25,235 shares of the company's stock, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.60% of the company's stock.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC grew 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 acquiring an additional 414 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of BlackLine in the fourth quarter valued at $50,000. Huntington National Bank grew its stake in shares of BlackLine by 596.4% in the fourth quarter. Huntington National Bank now owns 968 shares of the technology company's stock valued at $59,000 after buying an additional 829 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of BlackLine in the fourth quarter valued at $73,000. Finally, Covestor Ltd grew its stake in shares of BlackLine by 20.1% in the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock valued at $102,000 after buying an additional 280 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Performance

BL stock traded down $2.36 on Friday, reaching $53.65. 574,777 shares of the company were exchanged, compared to its average volume of 725,296. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The stock's fifty day moving average price is $55.32 and its 200 day moving average price is $53.57. The firm has a market capitalization of $3.34 billion, a PE ratio of 38.88, a PEG ratio of 8.86 and a beta of 0.93. 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 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.