BlackLine (NASDAQ:BL) Given New $63.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its target price reduced by equities researchers at Citigroup from $66.00 to $63.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 5.12% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. William Blair cut shares of BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. JMP Securities reiterated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. The Goldman Sachs Group upped their target price on shares of BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. lowered their price objective on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Wednesday, February 14th. Finally, Wolfe Research assumed coverage on shares of BlackLine in a research report on Monday, March 18th. They issued a “peer perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $62.20.

BlackLine Stock Down 2.5 %

NASDAQ:BL opened at $59.93 on Tuesday. The stock’s fifty day moving average price is $62.06 and its two-hundred day moving average price is $59.27. BlackLine has a 52-week low of $47.26 and a 52-week high of $69.31. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. The company has a market cap of $3.70 billion, a price-to-earnings ratio of -599.30, a P/E/G ratio of 10.37 and a beta of 0.86.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.26 by $0.28. The company had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. On average, analysts anticipate that BlackLine will post 1.02 EPS for the current year.

Insiders Place Their Bets

In other BlackLine news, Director Thomas Unterman sold 750 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the transaction, the director now owns 51,470 shares in the company, valued at approximately $3,088,200. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas Unterman sold 750 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the transaction, the director now owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The disclosure for this sale can be found here. Corporate insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of large investors have recently added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after buying an additional 220 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after buying an additional 454 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of BlackLine during the 4th quarter worth about $38,000. Federated Hermes Inc. boosted its stake in shares of BlackLine by 505.2% during the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after buying an additional 773 shares during the last quarter. Finally, Operose Advisors LLC boosted its stake in shares of BlackLine by 291.2% during the 3rd quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after buying an additional 728 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

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.