BMO Capital Markets Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

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 objective hoisted by equities researchers at BMO Capital Markets from $60.00 to $63.00 in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has a "market perform" rating on the technology company's stock. BMO Capital Markets' price objective indicates a potential upside of 30.30% from the company's current price.

Several other analysts also recently weighed in on BL. Truist Financial lifted their target price on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Morgan Stanley reduced their price target on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Piper Sandler raised their price objective on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Cantor Fitzgerald assumed coverage on shares of BlackLine in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price target 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 on the stock in a research report on Tuesday, July 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, BlackLine has an average rating of "Hold" and an average target price of $61.08.

BlackLine Stock Down 4.3%

Shares of NASDAQ BL traded down $2.15 during midday trading on Wednesday, reaching $48.35. 995,655 shares of the company's stock traded hands, compared to its average volume of 680,524. The stock's 50 day simple moving average is $55.66 and its 200-day simple moving average is $52.95. The company has a quick ratio of 1.66, a current ratio of 1.64 and a debt-to-equity ratio of 1.61. BlackLine has a one year low of $40.82 and a one year high of $66.25. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 37.48, a P/E/G ratio of 6.95 and a beta of 0.91.

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

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 1,856 shares of BlackLine 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 transaction, the executive directly owned 61,390 shares in the company, 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 this hyperlink. Also, CAO Michelle D. Stalick sold 795 shares of the business's 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 completion of 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 position. The disclosure for this sale can be found here. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On BlackLine

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position in shares of BlackLine by 9.4% in the second quarter. Parkside Financial Bank & Trust now owns 2,618 shares of the technology company's stock valued at $148,000 after buying an additional 225 shares in the last quarter. Covestor Ltd lifted its holdings in shares of BlackLine by 20.1% during the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock valued at $102,000 after acquiring an additional 280 shares in the last quarter. Xponance Inc. lifted its position in shares of BlackLine by 6.8% during the first quarter. Xponance Inc. now owns 4,422 shares of the technology company's stock worth $214,000 after purchasing an additional 280 shares in the last quarter. Victory Capital Management Inc. grew its stake in BlackLine by 1.6% during the 1st quarter. Victory Capital Management Inc. now owns 17,967 shares of the technology company's stock valued at $870,000 after purchasing an additional 285 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in BlackLine by 3.8% in the first quarter. Hsbc Holdings PLC now owns 8,410 shares of the technology company's stock valued at $405,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

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.