BlackLine (NASDAQ:BL) Downgraded to "Underweight" Rating by Piper Sandler

Piper Sandler cut shares of BlackLine (NASDAQ:BL - Free Report) from a neutral rating to an underweight rating in a research note published on Monday, Marketbeat reports. They currently have $60.00 price target on the technology company's stock.

BL has been the topic of several other research reports. JMP Securities upped their target price on BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research report on Friday, November 22nd. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Truist Financial lifted their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Citigroup boosted their target price on shares of BlackLine from $64.00 to $73.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, BlackLine currently has a consensus rating of "Hold" and an average price target of $66.00.

BlackLine Trading Down 4.4 %

Shares of NASDAQ:BL traded down $2.69 during trading on Monday, reaching $58.95. The stock had a trading volume of 793,419 shares, compared to its average volume of 532,173. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm's fifty day moving average is $61.15 and its 200 day moving average is $54.33. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 60.15, a P/E/G ratio of 15.18 and a beta of 0.91.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated 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 completion of the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 113,865 shares in the company, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,787 shares of company stock valued at $3,212,790 over the last three months. Corporate insiders own 9.93% of the company's stock.

Institutional Trading of BlackLine

A number of institutional investors and hedge funds have recently modified their holdings of BL. Point72 DIFC Ltd purchased a new position in BlackLine in the second quarter valued at about $537,000. Principal Financial Group Inc. grew 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 valued at $16,033,000 after purchasing an additional 34,919 shares during the period. Icon Wealth Advisors LLC increased its position in BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company's stock worth $907,000 after buying an additional 12,415 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its stake in shares of BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company's stock valued at $4,380,000 after buying an additional 73,362 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock valued at $1,416,000 after buying an additional 9,820 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.