BlackLine (NASDAQ:BL) Receives “Neutral” Rating from Piper Sandler

BlackLine (NASDAQ:BL)‘s stock had its “neutral” rating reiterated by investment analysts at Piper Sandler in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $60.00 target price on the technology company’s stock. Piper Sandler’s price target indicates a potential upside of 3.99% from the company’s previous close.

A number of other analysts also recently commented on BL. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Robert W. Baird reduced their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley boosted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, BTIG Research cut their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus target price of $63.60.

BlackLine Price Performance

Shares of NASDAQ BL opened at $57.70 on Wednesday. The firm has a 50-day simple moving average of $55.37 and a 200-day simple moving average of $51.65. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 58.88, a price-to-earnings-growth ratio of 13.95 and a beta of 0.90. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. The trade was a 19.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock valued at $7,488,826 over the last quarter. 9.53% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of BlackLine in the second quarter worth $32,000. EntryPoint Capital LLC acquired a new position in BlackLine during the 1st quarter worth $36,000. 1620 Investment Advisors Inc. acquired a new position in BlackLine during the 2nd quarter worth $64,000. Covestor Ltd increased its holdings in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the period. Finally, Fifth Third Bancorp raised its position in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.