Raymond James Financial Inc. Initiates Coverage on Blackline Inc (BL)
Equities researchers at Raymond James Financial Inc. began coverage on shares of Blackline Inc (NYSE:BL) in a research note issued to investors on Tuesday. The firm set an “outperform” rating and a $31.00 price target on the stock. Raymond James Financial Inc.’s price target points to a potential upside of 11.71% from the stock’s current price.
BL has been the subject of several other reports. Pacific Crest initiated coverage on Blackline in a research note on Tuesday. They issued an “overweight” rating and a $31.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Blackline in a research note on Tuesday. They issued a “neutral” rating for the company. Robert W. Baird initiated coverage on Blackline in a research report on Tuesday. They issued an “outperform” rating and a $33.00 price objective for the company. Finally, Goldman Sachs Group Inc. initiated coverage on Blackline in a research report on Tuesday. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Blackline currently has a consensus rating of “Buy” and a consensus target price of $31.67.
Blackline (NYSE:BL) opened at 27.75 on Tuesday. The stock’s market capitalization is $1.13 billion. Blackline has a 52 week low of $21.66 and a 52 week high of $28.50. The firm has a 50-day moving average of $24.29 and a 200 day moving average of $24.29.
In other Blackline news, major shareholder Iconiq Strategic Partners, L.P acquired 825,000 shares of the business’s stock in a transaction on Wednesday, November 2nd. The stock was purchased at an average price of $17.00 per share, for a total transaction of $14,025,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. The Company’s platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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