Piper Sandler Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective decreased by Piper Sandler from $60.00 to $58.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Piper Sandler currently has an underweight rating on the technology company’s stock.

Other analysts have also issued research reports about the company. Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a report on Thursday, January 16th. Truist Financial boosted their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Finally, Morgan Stanley raised their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $66.40.

BlackLine Price Performance

NASDAQ BL opened at $51.37 on Wednesday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The firm has a market capitalization of $3.21 billion, a P/E ratio of 52.42, a PEG ratio of 9.14 and a beta of 0.92. The company has a 50-day moving average price of $61.15 and a 200-day moving average price of $56.77. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Equities research analysts anticipate that BlackLine will post 1 earnings per share for the current year.

Insider Activity

In other news, CRO Mark Woodhams sold 24,408 shares of the 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 transaction, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of hedge funds have recently bought and sold shares of BL. Topline Capital Management LLC bought a new position in shares of BlackLine during the 4th quarter valued at approximately $60,572,000. American Century Companies Inc. increased its position in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock valued at $54,481,000 after acquiring an additional 889,570 shares during the last quarter. Engaged Capital LLC bought a new position in BlackLine during the third quarter valued at $33,620,000. JPMorgan Chase & Co. raised its stake in shares of BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of BlackLine in the 4th quarter worth about $23,770,000. 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.