Blackline (BL) Cut to “Hold” at BidaskClub
Blackline (NASDAQ:BL) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Blackline from a “neutral” rating to an “underweight” rating and set a $27.00 target price for the company. in a research note on Thursday, January 25th. JMP Securities raised shares of Blackline from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 16th. Robert W. Baird reissued a “buy” rating on shares of Blackline in a research note on Friday, February 16th. KeyCorp reissued a “buy” rating and issued a $46.00 target price on shares of Blackline in a research note on Thursday, February 15th. Finally, Zacks Investment Research downgraded shares of Blackline from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Blackline has an average rating of “Buy” and a consensus price target of $38.95.
Blackline (NASDAQ:BL) traded up $0.16 during trading hours on Wednesday, hitting $40.16. The stock had a trading volume of 730,302 shares, compared to its average volume of 503,880. The firm has a market cap of $2,323.21, a P/E ratio of -54.81 and a beta of -1.51. Blackline has a fifty-two week low of $27.36 and a fifty-two week high of $45.19.
A number of institutional investors and hedge funds have recently bought and sold shares of BL. Whale Rock Capital Management LLC purchased a new stake in Blackline in the 3rd quarter valued at about $23,688,000. DF Dent & Co. Inc. grew its holdings in Blackline by 21.3% in the 3rd quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock valued at $77,466,000 after buying an additional 399,130 shares during the period. Keenan Capital LLC purchased a new stake in shares of Blackline during the 4th quarter worth about $12,464,000. Artisan Partners Limited Partnership purchased a new stake in shares of Blackline during the 3rd quarter worth about $11,316,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Blackline by 61.7% during the 3rd quarter. Wells Fargo & Company MN now owns 859,886 shares of the technology company’s stock worth $29,339,000 after purchasing an additional 328,004 shares during the period. Institutional investors own 79.93% of the company’s stock.
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BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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