BlackLine (NASDAQ:BL) Rating Lowered to Hold at StockNews.com

BlackLine (NASDAQ:BL) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

A number of other research analysts also recently issued reports on BL. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and upped their price target for the company from $50.00 to $75.00 in a report on Thursday, January 30th. JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. 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 report on Thursday, January 16th. Morgan Stanley raised their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $68.10.

BlackLine Price Performance

Shares of NASDAQ BL opened at $65.64 on Tuesday. The company has a 50 day simple moving average of $61.68 and a two-hundred day simple moving average of $56.26. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 66.98, a P/E/G ratio of 8.97 and a beta of 0.92. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Global Retirement Partners LLC increased its stake in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after buying an additional 449 shares during the period. GAMMA Investing LLC increased its position in shares of 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 acquiring an additional 185 shares during the period. Asset Management One Co. Ltd. raised 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 valued at $77,000 after acquiring an additional 209 shares in the last quarter. Covestor Ltd boosted its holdings in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the period. Finally, KBC Group NV grew its stake in BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock worth $132,000 after purchasing an additional 666 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.