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

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

BL has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday, January 16th. Morgan Stanley lifted their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JMP Securities reissued a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target on the stock. in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.10.

BlackLine Trading Up 1.7 %

NASDAQ:BL opened at $65.64 on Tuesday. The firm has a 50-day simple moving average of $61.68 and a 200-day simple moving average of $56.26. BlackLine has a one year low of $43.37 and a one year high of $69.31. The firm has a market cap of $4.10 billion, a P/E 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 related news, CRO Mark Woodhams sold 24,408 shares of the company’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 value of $1,569,922.56. Following the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.53% of the stock is currently owned by company insiders.

Institutional Trading of BlackLine

Several institutional investors and hedge funds have recently bought and sold shares of the business. Engaged Capital LLC purchased a new position in BlackLine during the third quarter valued at approximately $33,620,000. JPMorgan Chase & Co. increased its position in shares of BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after buying an additional 435,271 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after buying an additional 354,784 shares during the period. Assenagon Asset Management S.A. grew its stake in BlackLine by 3,027.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock valued at $12,403,000 after acquiring an additional 217,751 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in BlackLine by 63.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company’s stock worth $17,534,000 after acquiring an additional 122,849 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.