Citigroup Has Lowered Expectations for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective lowered by Citigroup from $73.00 to $70.00 in a report published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, Truist Financial lowered their target price on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus price target of $66.40.

BlackLine Stock Down 18.1 %

Shares of NASDAQ:BL opened at $51.94 on Wednesday. The company has a 50 day moving average price of $61.62 and a two-hundred day moving average price of $56.77. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market capitalization of $3.25 billion, a PE ratio of 53.00, a PEG ratio of 9.14 and a beta of 0.92. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. 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 on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new position in BlackLine in the 4th quarter valued at about $31,000. Global Retirement Partners LLC grew its position 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 purchasing an additional 449 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of 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. Headlands Technologies LLC bought a new position in shares of BlackLine during the fourth quarter worth approximately $50,000. Finally, Huntington National Bank lifted its holdings in BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock worth $59,000 after purchasing an additional 829 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

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.