Truist Financial Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its target price lowered by equities research analysts at Truist Financial from $60.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 4.83% from the company’s current price.

Other research analysts have also recently issued reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Thursday, January 16th. JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, BMO Capital Markets reduced their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $66.70.

BlackLine Stock Performance

Shares of BL stock traded down $10.93 during trading hours on Wednesday, reaching $52.47. The stock had a trading volume of 2,500,776 shares, compared to its average volume of 632,013. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The firm has a 50-day simple moving average of $61.84 and a 200-day simple moving average of $56.69. The firm has a market capitalization of $3.28 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. As a group, equities analysts forecast that BlackLine will post 1 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Several hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. bought a new position in shares of BlackLine during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC grew its stake in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after buying an additional 449 shares in the last quarter. GAMMA Investing LLC boosted its position in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the period. Covestor Ltd boosted 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 purchasing an additional 337 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after purchasing an additional 209 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About BlackLine

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.