Truist Financial Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective dropped by equities research analysts at Truist Financial from $60.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective indicates a potential upside of 4.83% from the stock’s current price.

BL has been the subject of several other reports. Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Thursday, January 16th. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and lifted their price target for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler reduced their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday. JMP Securities restated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Finally, StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Two research 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $66.70.

BlackLine Stock Performance

BlackLine stock traded down $10.93 during mid-day trading on Wednesday, reaching $52.47. 2,500,776 shares of the company’s stock were exchanged, compared to its average volume of 632,013. The business’s fifty day simple moving average is $61.84 and its 200 day simple moving average is $56.69. The firm has a market capitalization of $3.28 billion, a PE ratio of 53.54, a P/E/G ratio of 9.14 and a beta of 0.92. BlackLine has a one year low of $43.37 and a one year high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, sell-side analysts expect that BlackLine will post 1 earnings per share for the current year.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 24,408 shares of the company’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 transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BL. HighTower Advisors LLC boosted its position in BlackLine by 2.5% in the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock valued at $393,000 after buying an additional 161 shares during the period. GAMMA Investing LLC boosted its holdings in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after buying an additional 185 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock valued at $931,000 after purchasing an additional 192 shares in the last quarter. Louisiana State Employees Retirement System increased its position in BlackLine by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after purchasing an additional 200 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after acquiring an additional 209 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.