BlackLine (NASDAQ:BL) Price Target Increased to $72.00 by Analysts at Robert W. Baird

BlackLine (NASDAQ:BL) had its target price increased by Robert W. Baird from $61.00 to $72.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group upped their target price on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a research note on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their target price on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research report on Wednesday, February 14th. Citigroup reduced their price target on shares of BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a research report on Tuesday, April 23rd. Wolfe Research started coverage on BlackLine in a report on Monday, March 18th. They issued a peer perform rating on the stock. Finally, William Blair cut BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, BlackLine currently has a consensus rating of Hold and an average target price of $64.10.

BlackLine Trading Down 1.5 %

Shares of NASDAQ:BL opened at $59.51 on Wednesday. The company has a market capitalization of $3.68 billion, a PE ratio of -595.10, a PEG ratio of 10.82 and a beta of 0.87. BlackLine has a 12-month low of $47.26 and a 12-month high of $69.31. The business has a 50 day moving average of $62.55 and a two-hundred day moving average of $59.63. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.28. The firm had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. As a group, analysts forecast that BlackLine will post 1.02 EPS for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the transaction, the executive now directly owns 104,682 shares in the company, valued at $6,071,556. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System raised its holdings in shares of BlackLine by 11.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 17,944 shares of the technology company’s stock valued at $1,205,000 after buying an additional 1,850 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of BlackLine during the first quarter worth about $246,000. ProShare Advisors LLC boosted its stake in shares of BlackLine by 19.7% in the first quarter. ProShare Advisors LLC now owns 11,917 shares of the technology company’s stock valued at $770,000 after purchasing an additional 1,959 shares during the period. Headlands Technologies LLC grew its holdings in shares of BlackLine by 420.6% in the first quarter. Headlands Technologies LLC now owns 7,492 shares of the technology company’s stock valued at $484,000 after purchasing an additional 6,053 shares in the last quarter. Finally, Redmond Asset Management LLC increased its stake in BlackLine by 1.6% during the 1st quarter. Redmond Asset Management LLC now owns 55,080 shares of the technology company’s stock worth $3,557,000 after buying an additional 870 shares during the period. 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.