BlackLine (NASDAQ:BL) Price Target Raised to $50.00 at Truist Financial

Key Points

• Truist Financial raised its target price for BlackLine's stock from $45.00 to $50.00, while maintaining a "hold" rating, indicating a potential downside of 2.33% from the stock's previous close.
• A range of brokerages have issued ratings on BlackLine, with seven analysts rating it as a buy, while two have rated it a sell and six hold, leading to an average target price of $61.64.
• BlackLine reported earnings of $0.51 EPS for its last quarter, beating analyst expectations, with quarterly revenue up by 7.2% compared to the same period last year.

BlackLine (NASDAQ:BL - Free Report) had its price target lifted by Truist Financial from $45.00 to $50.00 in a research report released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology company's stock.

Several other brokerages have also issued reports on BL. 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 report on Tuesday, July 29th. BMO Capital Markets lifted their price target on BlackLine from $60.00 to $63.00 and gave the company a "market perform" rating in a research note on Wednesday, August 6th. Citigroup restated a "buy" rating and issued a $67.00 target price (up previously from $58.00) on shares of BlackLine in a research note on Wednesday, July 16th. Cantor Fitzgerald began coverage on BlackLine in a research note on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price objective on the stock. Finally, Morgan Stanley boosted their target price on shares of BlackLine from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $61.08.

BlackLine Stock Performance

Shares of BL stock traded up $0.39 during mid-day trading on Thursday, reaching $48.74. The stock had a trading volume of 415,841 shares, compared to its average volume of 742,503. The firm's 50 day simple moving average is $55.66 and its 200 day simple moving average is $52.85. The company has a quick ratio of 1.64, 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 firm has a market cap of $3.02 billion, a PE ratio of 37.74, a P/E/G ratio of 6.96 and a beta of 0.91.

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

Insider Transactions at BlackLine

In other news, CAO Michelle D. Stalick sold 795 shares of the 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 directly owned 25,235 shares in the company, valued at approximately $1,391,457.90. This trade represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Mark Woodhams sold 1,856 shares of the 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 transaction, the executive owned 61,390 shares in the company, valued at approximately $3,354,963.50. This represents a 2.93% 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.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BL. Atlantic Union Bankshares Corp purchased a new stake in shares of BlackLine in the 2nd quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd purchased a new position in BlackLine during the 2nd quarter worth $33,000. Quadrant Capital Group LLC increased its holdings in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after acquiring an additional 414 shares in the last quarter. Huntington National Bank boosted its position 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 worth $70,000 after acquiring an additional 451 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in BlackLine during the fourth quarter valued at approximately $73,000. 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.