BlackLine (NASDAQ:BL) Now Covered by Analysts at DA Davidson

Analysts at DA Davidson started coverage on shares of BlackLine (NASDAQ:BL - Get Free Report) in a report issued on Tuesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $58.00 price target on the technology company's stock. DA Davidson's target price suggests a potential upside of 31.52% from the stock's previous close. DA Davidson also issued estimates for BlackLine's Q1 2025 earnings at $0.15 EPS, FY2025 earnings at $0.83 EPS and FY2026 earnings at $0.87 EPS.

Other analysts have also issued reports about the stock. StockNews.com lowered shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. JMP Securities restated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Citigroup lowered their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research report on Wednesday, February 12th. Truist Financial reduced their target price on BlackLine from $60.00 to $55.00 and set a "hold" rating for the company in a report on Wednesday, February 12th. Finally, BMO Capital Markets decreased their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, BlackLine has an average rating of "Hold" and an average target price of $65.64.

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BlackLine Stock Down 4.3 %

Shares of BL stock traded down $1.98 during trading hours on Tuesday, hitting $44.10. 1,292,352 shares of the company's stock traded hands, compared to its average volume of 799,152. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 10.80 and a beta of 0.97. The stock's fifty day simple moving average is $52.79 and its two-hundred day simple moving average is $56.69. BlackLine has a 12-month low of $43.02 and a 12-month high of $69.09.

BlackLine (NASDAQ:BL - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. On average, analysts expect that BlackLine will post 0.9 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 9.93% of the company's stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors have recently bought and sold shares of BL. Principal Financial Group Inc. raised its stake in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after acquiring an additional 34,919 shares during the period. Weiss Asset Management LP bought a new stake in shares of BlackLine during the 3rd quarter valued at $1,506,000. Charles Schwab Investment Management Inc. lifted its stake in shares of BlackLine by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company's stock valued at $27,307,000 after buying an additional 20,027 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock worth $91,896,000 after buying an additional 435,271 shares during the period. Finally, Conestoga Capital Advisors LLC increased its stake in BlackLine by 20.2% in 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 in the last quarter. 95.13% of the stock is owned by 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.