Piper Sandler Cuts BlackLine (NASDAQ:BL) Price Target to $58.00

BlackLine (NASDAQ:BL - Get Free Report) had its price objective reduced by analysts at Piper Sandler from $60.00 to $58.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "underweight" rating on the technology company's stock. Piper Sandler's price objective points to a potential upside of 12.91% from the stock's previous close.

BL has been the subject of several other research reports. Morgan Stanley raised their target price on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. StockNews.com cut BlackLine from a "buy" rating to a "hold" rating in a research note on Tuesday, February 4th. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and raised their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Citigroup upgraded BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 price target for the company in a research report on Thursday, January 16th. Finally, Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $66.40.

BlackLine Price Performance

Shares of NASDAQ:BL traded down $0.89 during midday trading on Wednesday, hitting $51.37. The company had a trading volume of 913,448 shares, compared to its average volume of 516,899. BlackLine has a twelve month low of $43.37 and a twelve 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 stock has a market cap of $3.21 billion, a price-to-earnings ratio of 52.42, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92. The business's 50-day simple moving average is $61.15 and its 200-day simple moving average is $56.77.

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 the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. On average, research analysts predict that BlackLine will post 1 earnings per share for the current year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.93% of the stock is currently owned by company insiders.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC increased its position in shares of BlackLine by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock worth $393,000 after purchasing an additional 161 shares in the last quarter. GAMMA Investing LLC increased its position in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after purchasing an additional 185 shares in the last quarter. Arizona State Retirement System increased its position in shares of BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock worth $931,000 after purchasing an additional 192 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of BlackLine by 0.8% during the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after purchasing an additional 200 shares in the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock worth $77,000 after purchasing an additional 209 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.