BlackLine (NASDAQ:BL) Given Average Rating of “Hold” by Brokerages

BlackLine (NASDAQ:BL) has earned an average rating of “Hold” from the thirteen ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $60.54.

Several equities analysts recently commented on BL shares. Cantor Fitzgerald started coverage on BlackLine in a research report on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 target price for the company. Wall Street Zen downgraded BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Piper Sandler raised their target price on BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Morgan Stanley cut their price objective on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, DA Davidson cut their price objective on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th.

Insider Activity

In other news, CAO Michelle D. Stalick sold 795 shares of BlackLine stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the sale, the chief accounting officer now directly owns 25,235 shares of the company’s stock, valued at approximately $1,391,457.90. This trade represents a 3.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive now directly owns 61,390 shares of the company’s stock, valued at $3,354,963.50. This trade represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC grew its stake in shares of BlackLine by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after purchasing an additional 161 shares during the period. Arizona State Retirement System grew its stake in shares of BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock worth $931,000 after purchasing an additional 192 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after purchasing an additional 209 shares during the period. Covestor Ltd grew its stake in shares of BlackLine by 20.1% during the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock worth $102,000 after purchasing an additional 280 shares during the period. Finally, Xponance Inc. grew its stake in shares of BlackLine by 6.8% during the first quarter. Xponance Inc. now owns 4,422 shares of the technology company’s stock worth $214,000 after purchasing an additional 280 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Price Performance

BlackLine stock opened at $54.98 on Wednesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market capitalization of $3.43 billion, a PE ratio of 39.84, a price-to-earnings-growth ratio of 9.16 and a beta of 0.94. BlackLine has a one year low of $40.82 and a one year high of $66.25. The business has a 50 day simple moving average of $51.56 and a 200 day simple moving average of $54.45.

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.