BlackLine (NASDAQ:BL) Shares Gap Up - What's Next?

BlackLine, Inc. (NASDAQ:BL - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $57.96, but opened at $59.46. BlackLine shares last traded at $58.72, with a volume of 32,505 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on BL. BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Morgan Stanley upped their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Piper Sandler boosted their price target on shares of BlackLine from $51.00 to $60.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Two equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $63.60.

BlackLine Trading Down 0.4 %

The company's 50 day moving average price is $55.37 and its two-hundred day moving average price is $51.65. The firm has a market cap of $3.61 billion, a PE ratio of 58.88, a P/E/G ratio of 13.95 and a beta of 0.90. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Transactions at BlackLine

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares of the company's stock, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 135,495 shares of company stock worth $7,560,534. Insiders own 9.53% of the company's stock.

Institutional Trading of BlackLine

A number of institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new stake in shares of BlackLine in the 2nd quarter valued at $32,000. EntryPoint Capital LLC acquired a new position in BlackLine in the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine in the 2nd quarter worth approximately $64,000. Covestor Ltd grew its stake 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 shares of BlackLine by 13.0% during 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 in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.