BMO Capital Markets Lowers BlackLine (NASDAQ:BL) Price Target to $60.00

BlackLine (NASDAQ:BL - Get Free Report) had its price objective cut by equities research analysts at BMO Capital Markets from $68.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the technology company's stock. BMO Capital Markets' target price would suggest a potential upside of 16.80% from the company's current price.

Several other research firms also recently weighed in on BL. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and boosted their target price for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler cut their price objective on BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a research report on Wednesday. Morgan Stanley upped their price objective on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. JMP Securities reaffirmed a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Citigroup raised BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 price objective on the stock in a research report on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, BlackLine has a consensus rating of "Hold" and a consensus target price of $66.40.

BlackLine Stock Performance

Shares of BL stock traded down $0.89 during trading hours on Wednesday, reaching $51.37. 913,448 shares of the company traded hands, compared to its average volume of 516,899. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The company has a market cap of $3.21 billion, a P/E ratio of 52.42, a P/E/G ratio of 9.14 and a beta of 0.92. The firm has a 50-day moving average price of $61.15 and a 200 day moving average price of $56.83.

BlackLine (NASDAQ:BL - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. As a group, sell-side analysts predict that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm's stock in a transaction 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 transaction, the executive now directly 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 SEC, which is available at the SEC website. Company insiders own 9.93% of the company's stock.

Institutional Trading of BlackLine

Several hedge funds and other institutional investors have recently made changes to their positions in BL. Comerica Bank raised its position in BlackLine by 18.9% during the fourth quarter. Comerica Bank now owns 168,230 shares of the technology company's stock worth $10,222,000 after acquiring an additional 26,792 shares during the last quarter. Northern Trust Corp raised its position in shares of BlackLine by 14.9% in the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock valued at $45,290,000 after buying an additional 96,523 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of BlackLine in the fourth quarter valued at approximately $280,000. Johnson Financial Group Inc. acquired a new position in shares of BlackLine in the fourth quarter valued at approximately $73,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of BlackLine in the fourth quarter valued at approximately $6,337,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

BlackLine Company Profile

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.