BlackLine (NASDAQ:BL) Shares Gap Up – Here’s Why

BlackLine, Inc. (NASDAQ:BL) shares gapped up before the market opened on Tuesday . The stock had previously closed at $57.96, but opened at $59.46. BlackLine shares last traded at $58.72, with a volume of 32,505 shares changing hands.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Morgan Stanley upped their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. BTIG Research lowered their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price 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. Truist Financial boosted their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Piper Sandler raised their price target on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $63.60.

BlackLine Stock Down 0.0 %

The firm has a market capitalization of $3.62 billion, a P/E ratio of 59.14, a PEG ratio of 13.95 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm’s 50-day moving average is $55.16 and its 200 day moving average is $51.66.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. This trade represents a 1.40 % 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 hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,495 shares of company stock valued at $7,560,534 in the last 90 days. 9.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Quadrature Capital Ltd increased its position in BlackLine by 346.5% during the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock worth $2,055,000 after buying an additional 24,713 shares during the period. Cetera Investment Advisers acquired a new position in BlackLine in the first quarter valued at approximately $1,572,000. Comerica Bank boosted its position in shares of BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after purchasing an additional 13,066 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in BlackLine in the 1st quarter valued at $907,000. Finally, Vanguard Group Inc. increased its holdings in BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.