BlackLine (NASDAQ:BL) Stock Price Expected to Rise, Piper Sandler Analyst Says

BlackLine (NASDAQ:BL) had its target price hoisted by Piper Sandler from $46.00 to $50.00 in a research report report published on Wednesday morning, MarketBeat reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

A number of other brokerages have also recently commented on BL. The Goldman Sachs Group decreased their target price on BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a report on Thursday, April 17th. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Truist Financial cut their price objective on BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, April 7th. BMO Capital Markets lowered their price target on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Finally, JMP Securities restated a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, BlackLine has an average rating of “Hold” and an average target price of $60.75.

BlackLine Stock Up 0.4 %

Shares of BlackLine stock opened at $53.17 on Wednesday. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 36.67, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The company’s 50 day moving average is $47.50 and its 200 day moving average is $55.15.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Research analysts anticipate that BlackLine will post 0.9 EPS for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after purchasing an additional 34,919 shares during the period. Conestoga Capital Advisors LLC boosted its stake in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Pacer Advisors Inc. increased its holdings in BlackLine by 154.1% during the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company’s stock valued at $253,000 after buying an additional 2,522 shares during the period. Sei Investments Co. raised its stake in BlackLine by 6.2% in the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock worth $8,955,000 after buying an additional 8,558 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new stake in BlackLine during the fourth quarter worth $244,000. Institutional investors own 95.13% of the company’s stock.

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.