JMP Securities Reiterates Market Outperform Rating for BlackLine (NASDAQ:BL)

JMP Securities reiterated their market outperform rating on shares of BlackLine (NASDAQ:BL - Free Report) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $86.00 target price on the technology company's stock.

BL has been the topic of a number of other research reports. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Morgan Stanley upped their price target on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Citigroup upped their price target on BlackLine from $64.00 to $73.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research note on Friday, October 25th. Finally, Piper Sandler downgraded BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price target for the company. in a research note on Monday, January 6th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, BlackLine currently has a consensus rating of "Hold" and an average target price of $66.00.

BlackLine Stock Up 0.8 %

NASDAQ BL traded up $0.46 on Wednesday, reaching $58.67. The stock had a trading volume of 425,413 shares, compared to its average volume of 555,068. The business has a 50 day moving average price of $61.29 and a 200 day moving average price of $54.74. 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 1 year low of $43.37 and a 1 year high of $69.31. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 59.87, a P/E/G ratio of 15.18 and a beta of 0.91.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the company's stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 24,408 shares of the company'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 value of $1,569,922.56. Following the completion of 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 disclosure for this sale can be found here. 9.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Several large investors have recently added to or reduced their stakes in BL. Quarry LP acquired a new position in shares of BlackLine in the 2nd quarter worth approximately $32,000. GAMMA Investing LLC raised its holdings in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after buying an additional 185 shares in the last quarter. Covestor Ltd raised its holdings in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock worth $77,000 after buying an additional 337 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of BlackLine in the 2nd quarter worth approximately $220,000. Finally, Hardy Reed LLC acquired a new position in shares of BlackLine in the 3rd quarter worth approximately $244,000. 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.