Truist Financial Lowers BlackLine (NASDAQ:BL) Price Target to $40.00

BlackLine (NASDAQ:BL - Free Report) had its price target cut by Truist Financial from $55.00 to $40.00 in a research report report published on Monday,Benzinga reports. They currently have a hold rating on the technology company's stock.

A number of other analysts have also recently issued reports on the company. JMP Securities reiterated a "market outperform" rating and set a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Citigroup dropped their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. StockNews.com downgraded BlackLine from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. DA Davidson initiated coverage on shares of BlackLine in a research report on Tuesday, April 1st. They set a "buy" rating and a $58.00 price target for the company. Finally, Piper Sandler cut their price target on shares of BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $64.27.

BlackLine Price Performance

BL traded up $0.34 during midday trading on Monday, reaching $45.59. 819,552 shares of the company's stock were exchanged, compared to its average volume of 809,693. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine has a 1-year low of $40.82 and a 1-year high of $66.25. The business's 50-day moving average price is $50.10 and its 200 day moving average price is $56.35. The stock has a market capitalization of $2.88 billion, a PE ratio of 31.44, a P/E/G ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL - Get Free Report) last announced its earnings results 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 return on equity of 21.63% and a net margin of 24.67%. As a group, equities analysts anticipate that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the sale, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.93% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BL. SBI Securities Co. Ltd. acquired a new stake in BlackLine in the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC raised its holdings in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after purchasing an additional 414 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after acquiring an additional 185 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in BlackLine during the fourth quarter worth $50,000. Institutional investors 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.