BlackLine (NASDAQ:BL) Price Target Raised to $63.00 at BMO Capital Markets

Key Points

• BMO Capital Markets has raised its price target for BlackLine (NASDAQ:BL) from $60.00 to $63.00, indicating a potential upside of 15.74% from its current stock price.
• BlackLine reported strong quarterly earnings with an EPS of $0.51, surpassing the consensus estimate of $0.50, and achieved a revenue of $172.03 million, showing a year-over-year increase of 7.2%.
• Research ratings for BlackLine vary, with one strong buy, seven buy ratings, five hold ratings, and two sell ratings, while the consensus target price remains at $61.00.

BlackLine (NASDAQ:BL - Get Free Report) had its price target increased by BMO Capital Markets from $60.00 to $63.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a "market perform" rating on the technology company's stock. BMO Capital Markets' target price indicates a potential upside of 30.30% from the company's current price.

BL has been the topic of a number of other reports. The Goldman Sachs Group cut their price target on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research report on Thursday, April 17th. Wall Street Zen downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Morgan Stanley lowered their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cantor Fitzgerald began coverage on BlackLine in a research note on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 target price for the company. Finally, Raymond James Financial raised BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 target price for the company in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $61.08.

BlackLine Trading Down 4.3%

BlackLine stock traded down $2.15 during trading hours on Wednesday, reaching $48.35. 995,655 shares of the company's stock traded hands, compared to its average volume of 680,524. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.66 and a current ratio of 1.64. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 6.66 and a beta of 0.91. The firm's 50 day moving average is $55.66 and its 200-day moving average is $52.90.

BlackLine (NASDAQ:BL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The business had revenue of $172.03 million for the quarter, compared to the consensus estimate of $170.87 million. BlackLine had a net margin of 13.05% and a return on equity of 15.95%. BlackLine's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the company posted $0.58 EPS. On average, analysts predict that BlackLine will post 0.9 earnings per share for the current year.

Insider Activity at BlackLine

In other 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 transaction of $101,430.40. Following the completion of the transaction, the executive directly owned 61,390 shares of the company's stock, valued at $3,354,963.50. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle D. Stalick sold 795 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $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 company insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in shares of BlackLine in the second quarter valued at $27,000. Caitong International Asset Management Co. Ltd bought a new position in shares of BlackLine in the second quarter valued at $33,000. Quadrant Capital Group LLC grew its stake in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after buying an additional 414 shares in the last quarter. Huntington National Bank grew its stake in shares of BlackLine by 57.5% in the second quarter. Huntington National Bank now owns 1,235 shares of the technology company's stock valued at $70,000 after buying an additional 451 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new position in shares of BlackLine in the fourth quarter valued at $73,000. 95.13% of the stock is owned by institutional investors.

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.