BlackLine, Inc. (NASDAQ:BL) Receives $66.00 Average PT from Analysts

Shares of BlackLine, Inc. (NASDAQ:BL - Get Free Report) have been assigned a consensus rating of "Hold" from the twelve research firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $66.00.

Several research analysts have recently weighed in on BL shares. Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Citigroup upgraded shares of BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 target price on the stock in a report on Thursday. Piper Sandler downgraded shares of BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price target for the company. in a report on Monday, January 6th. Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday.

Insider Transactions 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 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 of the company's stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.53% of the company's stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in shares of BlackLine in the 2nd quarter valued at about $32,000. GAMMA Investing LLC raised its holdings 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 in the last quarter. Covestor Ltd lifted its position in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock worth $77,000 after buying an additional 337 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of BlackLine in the 2nd quarter valued at $220,000. Finally, Hardy Reed LLC acquired a new position in shares of BlackLine in the 3rd quarter valued at $244,000. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Trading Down 0.6 %

NASDAQ BL traded down $0.36 on Friday, reaching $59.65. 425,665 shares of the company were exchanged, compared to its average volume of 469,525. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The business's fifty day moving average price is $61.28 and its 200 day moving average price is $54.94. The stock has a market capitalization of $3.73 billion, a P/E ratio of 60.87, a price-to-earnings-growth ratio of 12.60 and a beta of 0.91. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

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.