BlackLine (NASDAQ:BL) Stock Rating Lowered by StockNews.com

BlackLine (NASDAQ:BL - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Tuesday.

A number of other research firms have also issued reports on BL. 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, January 16th. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. JMP Securities reiterated a "market outperform" rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, Piper Sandler cut BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price objective on the stock. in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $68.10.

BlackLine Price Performance

Shares of NASDAQ BL traded down $0.50 during trading on Tuesday, reaching $64.63. The company had a trading volume of 463,432 shares, compared to its average volume of 540,721. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The stock has a 50-day moving average price of $61.74 and a two-hundred day moving average price of $56.32. The stock has a market capitalization of $4.04 billion, a PE ratio of 65.95, a price-to-earnings-growth ratio of 8.97 and a beta of 0.92.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction 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 completion of the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 9.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC grew its stake in BlackLine by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock valued at $393,000 after purchasing an additional 161 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after buying an additional 185 shares during the last quarter. Arizona State Retirement System grew its position in shares of BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock worth $931,000 after buying an additional 192 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after buying an additional 200 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after acquiring an additional 209 shares in the last quarter. 95.13% of the stock is 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.