BlackLine (NASDAQ:BL) Price Target Raised to $80.00 at Morgan Stanley

BlackLine (NASDAQ:BL - Free Report) had its price objective hoisted by Morgan Stanley from $70.00 to $80.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company's stock.

A number of other equities research analysts have also weighed in on the stock. Truist Financial boosted their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a report on Monday. Piper Sandler raised their price objective on BlackLine from $51.00 to $60.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Robert W. Baird dropped their target price on BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. BTIG Research reduced their price target on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $63.60.

BlackLine Stock Down 2.1 %

NASDAQ:BL traded down $1.28 during mid-day trading on Friday, hitting $59.28. 381,025 shares of the company's stock traded hands, compared to its average volume of 882,490. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.95 and a current ratio of 2.69. The company has a market capitalization of $3.70 billion, a P/E ratio of 61.80, a P/E/G ratio of 15.28 and a beta of 0.90. The company has a fifty day moving average of $54.69 and a 200 day moving average of $51.69. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 10,000 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,495 shares of company stock valued at $7,560,534. 9.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP acquired a new stake in BlackLine during the second quarter worth $32,000. EntryPoint Capital LLC acquired a new stake in shares of BlackLine during the first quarter valued at about $36,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine in the 2nd quarter valued at approximately $64,000. Covestor Ltd boosted 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 purchasing an additional 337 shares during the period. Finally, Fifth Third Bancorp increased its holdings in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock valued at $112,000 after purchasing an additional 266 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.