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

BlackLine (NASDAQ:BL - Get Free Report) had its price objective cut by equities research analysts at Citigroup from $73.00 to $70.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Citigroup's price objective points to a potential upside of 36.27% from the stock's current price.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research note on Friday, October 25th. Truist Financial reduced their price objective on shares of BlackLine from $60.00 to $55.00 and set a "hold" rating for the company in a research report on Wednesday. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a report on Tuesday, February 4th. Finally, BMO Capital Markets cut their price objective on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $66.40.

BlackLine Trading Down 1.7 %

Shares of BL traded down $0.89 during mid-day trading on Wednesday, reaching $51.37. The stock had a trading volume of 913,448 shares, compared to its average volume of 516,899. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 52.42, a P/E/G ratio of 9.14 and a beta of 0.92. The business's fifty day moving average is $61.15 and its 200 day moving average is $56.83. 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 (NASDAQ:BL - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, sell-side analysts predict that BlackLine will post 1 EPS for the current fiscal year.

Insider Activity 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 transaction, the executive now owns 72,920 shares of the company's stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 9.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its stake in shares of BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after buying an additional 34,919 shares during the period. Icon Wealth Advisors LLC lifted its stake in BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company's stock worth $907,000 after purchasing an additional 12,415 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of BlackLine by 61.9% during the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock worth $1,416,000 after purchasing an additional 9,820 shares during the period. Weiss Asset Management LP bought a new position in shares of BlackLine in the 3rd quarter worth about $1,506,000. Finally, Eagle Asset Management Inc. boosted its holdings in shares of BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company's stock valued at $12,335,000 after buying an additional 86,931 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

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.