BlackLine (NASDAQ:BL) Earns “Market Outperform” Rating from JMP Securities

BlackLine (NASDAQ:BL)‘s stock had its “market outperform” rating restated by research analysts at JMP Securities in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $86.00 target price on the technology company’s stock. JMP Securities’ price target indicates a potential upside of 45.29% from the stock’s previous close.

Several other research analysts have also recently issued reports on BL. Morgan Stanley upped their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler lowered BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a report on Monday, January 6th. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Citigroup lifted their price target on BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, BlackLine currently has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Stock Up 1.7 %

Shares of BL traded up $0.98 during mid-day trading on Wednesday, hitting $59.19. 56,597 shares of the company’s stock were exchanged, compared to its average volume of 513,615. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 60.40, a P/E/G ratio of 15.18 and a beta of 0.91. The stock’s 50-day moving average is $61.29 and its 200-day moving average is $54.74. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. 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

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the last quarter. Quarry LP purchased a new stake in shares of BlackLine in the second quarter valued at $32,000. Covestor Ltd boosted its stake in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares during the last quarter. Hardy Reed LLC purchased a new stake in BlackLine during the 3rd quarter worth about $244,000. Finally, Sanctuary Advisors LLC acquired a new position in BlackLine in the 2nd quarter valued at about $220,000. 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.