Citigroup Boosts BlackLine (NASDAQ:BL) Price Target to $66.00

BlackLine (NASDAQ:BL) had its price objective lifted by Citigroup from $57.00 to $66.00 in a research report report published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

BL has been the topic of several other reports. The Goldman Sachs Group raised their target price on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a report on Tuesday, January 23rd. Piper Sandler cut their price objective on BlackLine from $60.00 to $55.00 and set an underweight rating for the company in a research report on Wednesday, February 14th. William Blair lowered BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Wolfe Research started coverage on BlackLine in a research note on Monday, March 18th. They set a peer perform rating on the stock. Finally, JPMorgan Chase & Co. lowered their price target on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $61.80.

BlackLine Stock Performance

Shares of BlackLine stock opened at $64.58 on Wednesday. The stock has a market cap of $3.97 billion, a PE ratio of -645.80, a price-to-earnings-growth ratio of 11.31 and a beta of 0.85. The business has a fifty day simple moving average of $61.44 and a 200-day simple moving average of $58.28. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine has a 12 month low of $47.26 and a 12 month high of $69.31.

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

Insider Activity

In other news, Director Thomas Unterman sold 750 shares of BlackLine stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the sale, the director now directly owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on 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 sale, the director now owns 51,470 shares in the company, valued at $3,088,200. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $632,500. The disclosure for this sale can be found here. Insiders have sold 6,000 shares of company stock valued at $349,185 over the last three months. 9.93% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackLine

Institutional investors have recently made changes to their positions in the stock. CWM LLC grew its stake in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares during the period. Pinebridge Investments L.P. grew its stake in BlackLine by 772.7% in the second quarter. Pinebridge Investments L.P. now owns 672 shares of the technology company’s stock valued at $36,000 after acquiring an additional 595 shares during the period. CVA Family Office LLC acquired a new position in BlackLine in the fourth quarter valued at about $38,000. Quarry LP grew its stake in BlackLine by 1,101.9% in the first quarter. Quarry LP now owns 625 shares of the technology company’s stock valued at $42,000 after acquiring an additional 573 shares during the period. Finally, Federated Hermes Inc. grew its stake in BlackLine by 505.2% in the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after acquiring an additional 773 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

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.