BlackLine (NASDAQ:BL) Upgraded to Buy at Bank of America

Bank of America upgraded shares of BlackLine (NASDAQ:BL - Free Report) from an underperform rating to a buy rating in a research report released on Thursday, MarketBeat Ratings reports. Bank of America currently has $75.00 price target on the technology company's stock, up from their prior price target of $50.00.

BL has been the topic of a number of other reports. StockNews.com raised BlackLine from a "hold" rating to a "buy" rating in a report on Monday. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Morgan Stanley raised their price target on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Citigroup upgraded shares of BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 target price on the stock in a report on Thursday, January 16th. Finally, Piper Sandler lowered shares of BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price target on the stock. in a report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $68.10.

BlackLine Price Performance

Shares of BlackLine stock traded up $0.77 during trading on Thursday, hitting $63.66. The stock had a trading volume of 639,555 shares, compared to its average volume of 547,971. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of 65.32, a P/E/G ratio of 13.52 and a beta of 0.91. The business's 50-day moving average is $61.50 and its 200 day moving average is $55.68.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business'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 completion of the sale, the executive now directly owns 72,920 shares in the company, 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 can be accessed through the SEC website. Company insiders own 9.93% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BL. Quarry LP bought a new stake in shares of BlackLine in the 2nd quarter worth about $32,000. GAMMA Investing LLC raised its position in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after purchasing an additional 185 shares during the period. Covestor Ltd lifted its stake in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after purchasing an additional 337 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of BlackLine by 19.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock worth $77,000 after purchasing an additional 209 shares during the period. Finally, KBC Group NV increased its position in shares of BlackLine by 44.0% during the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company's stock valued at $132,000 after purchasing an additional 666 shares during the last quarter. Hedge funds and other 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.