BlackLine (NASDAQ:BL) Downgraded by StockNews.com to Hold

StockNews.com cut shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report issued on Wednesday morning.

A number of other research analysts have also weighed in on BL. Morgan Stanley raised their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler dropped their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. BMO Capital Markets dropped their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Truist Financial dropped their target price on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, BlackLine currently has an average rating of “Hold” and an average target price of $66.40.

BlackLine Stock Up 0.1 %

Shares of NASDAQ:BL opened at $48.30 on Wednesday. The business’s 50 day simple moving average is $58.59 and its two-hundred day simple moving average is $56.91. The firm has a market cap of $3.03 billion, a P/E ratio of 33.31, a PEG ratio of 10.80 and a beta of 0.92. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, research analysts forecast that BlackLine will post 0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several hedge funds have recently made changes to their positions in BL. Creative Planning grew its position in shares of BlackLine by 88.9% in the third quarter. Creative Planning now owns 7,984 shares of the technology company’s stock valued at $440,000 after purchasing an additional 3,758 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in BlackLine by 90.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 210,000 shares of the technology company’s stock valued at $11,579,000 after buying an additional 100,000 shares during the period. Principal Financial Group Inc. boosted its stake in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after buying an additional 34,919 shares during the period. Finally, Covestor Ltd grew its position in BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares in the last quarter. 95.13% of the stock is currently 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.