Piper Sandler Reiterates "Neutral" Rating for BlackLine (NASDAQ:BL)

Piper Sandler reissued their neutral rating on shares of BlackLine (NASDAQ:BL - Free Report) in a report issued on Wednesday morning,Benzinga reports. They currently have a $60.00 price objective on the technology company's stock.

BL has been the topic of several other research reports. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a report on Monday, November 11th. BTIG Research dropped 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. Robert W. Baird cut their target price on BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a report on Friday, October 25th. Finally, Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $63.60.

BlackLine Stock Performance

Shares of NASDAQ BL traded up $0.83 during midday trading on Wednesday, hitting $58.53. The company's stock had a trading volume of 1,087,827 shares, compared to its average volume of 882,899. The firm has a market cap of $3.66 billion, a P/E ratio of 58.36, a P/E/G ratio of 13.95 and a beta of 0.90. The firm's fifty day moving average price is $55.56 and its 200-day moving average price is $51.63. BlackLine has a 1-year low of $43.37 and a 1-year 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.

Insider Activity

In other news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction on 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 sale, the insider now directly owns 113,865 shares of the company's stock, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 134,108 shares of company stock valued at $7,488,826. 9.53% of the stock is owned by insiders.

Institutional Trading of BlackLine

A number of large investors have recently bought and sold shares of BL. Quadrature Capital Ltd increased its stake in BlackLine by 346.5% during the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company's stock valued at $2,055,000 after purchasing an additional 24,713 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of BlackLine in the first quarter valued at about $1,572,000. Comerica Bank lifted its position in shares of BlackLine by 11.8% during the first quarter. Comerica Bank now owns 124,266 shares of the technology company's stock valued at $8,025,000 after purchasing an additional 13,066 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of BlackLine during the 1st quarter worth approximately $907,000. Finally, Vanguard Group Inc. boosted its stake 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 buying an additional 642,772 shares during the last quarter. 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.