BlackLine, Inc. (NASDAQ:BL) Given Average Recommendation of “Hold” by Brokerages

BlackLine, Inc. (NASDAQ:BL) has been assigned an average rating of “Hold” from the twelve analysts that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $66.00.

A number of analysts have commented on the stock. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Morgan Stanley increased their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. JMP Securities reiterated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday. Finally, Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th.

BlackLine Price Performance

Shares of NASDAQ BL opened at $59.65 on Friday. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 60.87, a PEG ratio of 12.60 and a beta of 0.91. The firm has a 50-day moving average of $61.28 and a two-hundred day moving average of $54.94.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 9.53% of the company’s stock.

Institutional Trading of BlackLine

A number of hedge funds and other institutional investors have recently made changes to their positions in BL. GAMMA Investing LLC increased its position in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the period. Tidal Investments LLC lifted its holdings in shares of BlackLine by 1.6% during the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after purchasing an additional 219 shares in the last quarter. Covestor Ltd lifted its holdings in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares in the last quarter. Quarry LP bought a new stake in BlackLine in the 2nd quarter valued at approximately $32,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in BlackLine by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,072 shares of the technology company’s stock valued at $6,566,000 after acquiring an additional 753 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.