BlackLine (NASDAQ:BL) Upgraded at Citigroup

BlackLine (NASDAQ:BL - Get Free Report) was upgraded by analysts at Citigroup from a "neutral" rating to a "buy" rating in a report issued on Thursday, Marketbeat.com reports. The brokerage currently has a $73.00 target price on the technology company's stock. Citigroup's price target would suggest a potential upside of 21.65% from the stock's previous close.

A number of other brokerages have also weighed in on BL. Piper Sandler lowered shares of BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price target for the company. in a report on Monday, January 6th. Morgan Stanley lifted their target price on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. JMP Securities reaffirmed a "market outperform" rating and set a $86.00 price target on shares of BlackLine in a research note on Wednesday. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $66.00.

BlackLine Price Performance

NASDAQ:BL traded up $1.34 during mid-day trading on Thursday, reaching $60.01. 651,260 shares of the company were exchanged, compared to its average volume of 564,686. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market cap of $3.75 billion, a PE ratio of 61.23, a PEG ratio of 12.60 and a beta of 0.91. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a fifty day moving average of $61.30 and a 200 day moving average of $54.81.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value 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. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares of the company's stock, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.53% of the company's stock.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew 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 worth $39,000 after acquiring an additional 185 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock worth $91,896,000 after purchasing an additional 435,271 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after purchasing an additional 34,919 shares during the last quarter. 272 Capital LP grew its position in 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 purchasing an additional 16,107 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in BlackLine by 1.6% in the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company's stock valued at $747,000 after buying an additional 219 shares during the last quarter. 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.