Truist Financial Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective trimmed by Truist Financial from $60.00 to $55.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

BL has been the topic of a number of other reports. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price on the stock in a report on Thursday, January 16th. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler lowered their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday. Finally, BMO Capital Markets cut their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Trading Down 18.1 %

BL opened at $51.94 on Wednesday. The business has a fifty day moving average price of $61.62 and a 200 day moving average price of $56.77. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 53.00, a PEG ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Sell-side analysts expect that BlackLine will post 1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Large investors have recently bought and sold shares of the company. Cetera Investment Advisers increased its stake in shares of BlackLine by 5.6% during the second quarter. Cetera Investment Advisers now owns 25,701 shares of the technology company’s stock worth $1,245,000 after acquiring an additional 1,357 shares during the period. Sanctuary Advisors LLC purchased a new stake in BlackLine in the 2nd quarter valued at approximately $220,000. Procyon Advisors LLC increased its position in BlackLine by 52.8% during the 3rd quarter. Procyon Advisors LLC now owns 6,673 shares of the technology company’s stock worth $368,000 after purchasing an additional 2,305 shares during the period. Creative Planning lifted its holdings in shares of BlackLine by 88.9% in the 3rd quarter. Creative Planning now owns 7,984 shares of the technology company’s stock valued at $440,000 after buying an additional 3,758 shares during the period. Finally, Everence Capital Management Inc. boosted its stake in shares of BlackLine by 95.5% in the third quarter. Everence Capital Management Inc. now owns 7,450 shares of the technology company’s stock valued at $411,000 after buying an additional 3,640 shares in 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.