BlackLine (NASDAQ:BL) Given New $70.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its price objective trimmed by Citigroup from $73.00 to $70.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

BL has been the topic of several other research reports. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. BMO Capital Markets reduced their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday. JPMorgan Chase & Co. increased their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Truist Financial cut their price objective on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Stock Down 18.1 %

Shares of BlackLine stock opened at $51.94 on Wednesday. The company has a market capitalization of $3.25 billion, a P/E ratio of 53.00, a PEG ratio of 9.14 and a beta of 0.92. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The business’s fifty day moving average price is $61.62 and its two-hundred day moving average price is $56.77.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. As a group, research analysts forecast that BlackLine will post 1 EPS for the current year.

Insiders Place Their Bets

In other BlackLine 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 sale, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. bought a new stake in shares of BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC increased its position in BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after purchasing an additional 449 shares during the period. GAMMA Investing LLC raised its holdings in BlackLine by 41.2% during the 4th 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 last quarter. Headlands Technologies LLC acquired a new position in BlackLine during the 4th quarter valued at about $50,000. Finally, Huntington National Bank lifted its position in BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after purchasing an additional 829 shares during the period. Institutional investors own 95.13% of the company’s stock.

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.