Truist Financial Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price target hoisted by stock analysts at Truist Financial from $40.00 to $45.00 in a report released on Thursday,Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would indicate a potential downside of 15.37% from the stock’s previous close.

BL has been the topic of a number of other research reports. StockNews.com upgraded BlackLine from a “hold” rating to a “buy” rating in a research report on Wednesday. BMO Capital Markets decreased their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. DA Davidson cut their target price on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, April 14th. JMP Securities reiterated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and an average price target of $60.75.

BlackLine Price Performance

BL opened at $53.17 on Thursday. The firm’s fifty day moving average price is $47.50 and its two-hundred day moving average price is $55.15. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 36.67, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25.

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

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $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. 8.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently modified their holdings of BL. SBI Securities Co. Ltd. acquired a new position in BlackLine during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC raised its holdings in shares of BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after purchasing an additional 414 shares during the last quarter. GAMMA Investing LLC grew its stake 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. Finally, Headlands Technologies LLC purchased a new position in BlackLine in the fourth quarter valued at $50,000. Institutional investors and hedge funds 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.