JPMorgan Chase & Co. Increases BlackLine (NASDAQ:BL) Price Target to $50.00

BlackLine (NASDAQ:BL - Free Report) had its price target lifted by JPMorgan Chase & Co. from $47.00 to $50.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an underweight rating on the technology company's stock.

Other equities analysts have also issued reports about the stock. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Piper Sandler lowered their price target on shares of BlackLine from $55.00 to $51.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. Truist Financial decreased their target price on shares of BlackLine from $60.00 to $45.00 and set a "hold" rating on the stock in a report on Wednesday, August 7th. BTIG Research decreased their target price on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley raised shares of BlackLine from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $60.00 to $70.00 in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $60.20.

BlackLine Stock Performance

Shares of BL traded down $0.65 during trading hours on Friday, hitting $56.57. The company had a trading volume of 381,223 shares, compared to its average volume of 895,786. The firm has a market cap of $3.50 billion, a price-to-earnings ratio of 246.30, a PEG ratio of 13.57 and a beta of 0.90. The business has a fifty day moving average of $52.47 and a 200-day moving average of $52.07. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company's revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.69) earnings per share. Equities analysts anticipate that BlackLine will post 0.96 EPS for the current fiscal year.

Insider Activity

In other news, CRO Mark Woodhams sold 1,387 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the sale, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction that occurred 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 in the company, valued at approximately $12,440,124.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,873 shares of company stock worth $8,340,243. Corporate insiders own 9.93% of the company's stock.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently added to or reduced their stakes in BL. Vanguard Group Inc. lifted its position in shares of BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company's stock worth $476,662,000 after purchasing an additional 642,772 shares during the period. Squarepoint Ops LLC acquired a new position in shares of BlackLine in the 2nd quarter worth approximately $15,128,000. Principal Financial Group Inc. lifted its position in shares of BlackLine by 3,945.7% in the 1st quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company's stock worth $17,168,000 after purchasing an additional 259,274 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock worth $28,076,000 after purchasing an additional 229,151 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of BlackLine by 3,027.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company's stock worth $12,403,000 after purchasing an additional 217,751 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

About BlackLine

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.