BlackLine (NASDAQ:BL) Given New $73.00 Price Target at Citigroup

BlackLine (NASDAQ:BL - Free Report) had its target price hoisted by Citigroup from $64.00 to $73.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the technology company's stock.

Several other equities research analysts have also recently weighed in on BL. Piper Sandler reissued a "neutral" rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. JPMorgan Chase & Co. increased their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a report on Friday, October 25th. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. JMP Securities upped their price target on BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research report on Friday, November 22nd. Finally, Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $66.00.

BlackLine Price Performance

NASDAQ BL traded up $1.08 on Monday, reaching $64.94. 492,400 shares of the company's stock traded hands, compared to its average volume of 859,162. The stock has a market cap of $4.06 billion, a PE ratio of 66.27, a P/E/G ratio of 15.18 and a beta of 0.90. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a 50-day simple moving average of $59.48 and a 200 day simple moving average of $52.54. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now owns 72,920 shares of the company's stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Partin sold 5,648 shares of the company's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the transaction, the chief financial officer now owns 226,844 shares of the company's stock, valued at approximately $12,022,732. This represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 158,516 shares of company stock valued at $9,058,748. Insiders own 9.93% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. 272 Capital LP raised its stake in shares of BlackLine by 30.8% in the third quarter. 272 Capital LP now owns 68,437 shares of the technology company's stock valued at $3,774,000 after acquiring an additional 16,107 shares during the period. Tidal Investments LLC lifted its stake in BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company's stock worth $747,000 after purchasing an additional 219 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company's stock valued at $70,704,000 after buying an additional 3,498 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of BlackLine during the third quarter valued at approximately $713,000. Finally, Pier Capital LLC raised its holdings in shares of BlackLine by 1.3% in the third quarter. Pier Capital LLC now owns 151,726 shares of the technology company's stock worth $8,366,000 after buying an additional 1,909 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.