BlackLine (NASDAQ:BL) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report published on Wednesday.

Other equities research analysts have also issued research reports about the stock. Piper Sandler lowered their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday, February 12th. Citigroup decreased their price objective on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Morgan Stanley upped their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial reduced their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. Finally, BMO Capital Markets dropped their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Trading Down 0.5 %

Shares of NASDAQ BL opened at $48.99 on Wednesday. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The business’s 50 day moving average is $59.15 and its two-hundred day moving average is $57.02. The stock has a market capitalization of $3.06 billion, a P/E ratio of 33.79, a PEG ratio of 10.80 and a beta of 0.92.

BlackLine (NASDAQ:BL) last released its 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 net margin of 24.67% and a return on equity of 21.63%. As a group, research analysts expect that BlackLine will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This trade 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 accessible through this link. Company insiders own 9.53% of the company’s stock.

Institutional Trading of BlackLine

A number of hedge funds have recently bought and sold shares of BL. Principal Financial Group Inc. increased its holdings in shares of BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after acquiring an additional 34,919 shares during the period. Icon Wealth Advisors LLC lifted its stake in shares of BlackLine by 307.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares during the last quarter. Victory Capital Management Inc. boosted its position in BlackLine by 61.9% during the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares in the last quarter. Weiss Asset Management LP purchased a new position in BlackLine in the third quarter valued at about $1,506,000. Finally, Eagle Asset Management Inc. raised its holdings in BlackLine by 74.0% in the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after purchasing an additional 86,931 shares in the last quarter. 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.