Piper Sandler Cuts BlackLine (NASDAQ:BL) Price Target to $130.00

BlackLine (NASDAQ:BL) had its price objective cut by Piper Sandler from $155.00 to $130.00 in a report published on Wednesday morning, The Fly reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts also recently weighed in on BL. Zacks Investment Research raised shares of BlackLine from a sell rating to a hold rating in a research note on Wednesday, November 3rd. BTIG Research reissued a buy rating and issued a $149.00 price objective on shares of BlackLine in a research report on Friday, November 5th. Finally, Oppenheimer increased their price objective on shares of BlackLine from $130.00 to $140.00 and gave the company an outperform rating in a research report on Friday, November 5th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, BlackLine has a consensus rating of Buy and an average target price of $139.89.

Shares of BL opened at $88.96 on Wednesday. BlackLine has a fifty-two week low of $87.08 and a fifty-two week high of $154.61. The firm’s 50 day moving average price is $108.06 and its 200 day moving average price is $113.96. The company has a quick ratio of 5.08, a current ratio of 5.08 and a debt-to-equity ratio of 3.22.

BlackLine (NASDAQ:BL) last announced its earnings results on Thursday, November 4th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.13. BlackLine had a negative net margin of 23.43% and a negative return on equity of 4.02%. The firm had revenue of $109.40 million for the quarter, compared to the consensus estimate of $107.06 million. During the same period in the prior year, the firm earned $0.02 EPS. The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, equities research analysts forecast that BlackLine will post -0.45 EPS for the current fiscal year.

In other BlackLine news, insider Therese Tucker sold 29,575 shares of the company’s stock in a transaction on Tuesday, October 19th. The shares were sold at an average price of $124.84, for a total transaction of $3,692,143.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Graham Smith sold 5,000 shares of the company’s stock in a transaction on Monday, November 1st. The stock was sold at an average price of $127.05, for a total transaction of $635,250.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 166,003 shares of company stock valued at $20,301,753. 10.07% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the business. Guidance Point Advisors LLC purchased a new position in shares of BlackLine in the 3rd quarter valued at about $26,000. Strategic Blueprint LLC purchased a new position in shares of BlackLine in the 2nd quarter valued at about $40,000. HM Payson & Co. increased its holdings in shares of BlackLine by 2,156.9% in the 2nd quarter. HM Payson & Co. now owns 1,151 shares of the technology company’s stock valued at $128,000 after purchasing an additional 1,100 shares in the last quarter. FourThought Financial LLC increased its holdings in shares of BlackLine by 1,045.6% in the 3rd quarter. FourThought Financial LLC now owns 1,306 shares of the technology company’s stock valued at $154,000 after purchasing an additional 1,192 shares in the last quarter. Finally, Harbor Investment Advisory LLC increased its holdings in shares of BlackLine by 133.4% in the 3rd quarter. Harbor Investment Advisory LLC now owns 1,669 shares of the technology company’s stock valued at $197,000 after purchasing an additional 954 shares in the last quarter. Institutional investors own 97.37% 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.

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