BlackLine (NASDAQ:BL) Lifted to Neutral at Piper Sandler

Piper Sandler upgraded shares of BlackLine (NASDAQ:BL) from an underweight rating to a neutral rating in a research note published on Tuesday morning, MarketBeat.com reports. They currently have $62.00 price objective on the technology company’s stock, up from their previous price objective of $55.00.

BL has been the topic of a number of other reports. Citigroup boosted their price objective on BlackLine from $57.00 to $66.00 and gave the company a neutral rating in a research note on Wednesday, March 27th. Robert W. Baird decreased their price objective on BlackLine from $65.00 to $61.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. JPMorgan Chase & Co. decreased their price objective on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research note 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. Finally, The Goldman Sachs Group boosted their price objective on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research note on Tuesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $62.20.

BlackLine Stock Up 3.3 %

Shares of NASDAQ BL opened at $60.83 on Tuesday. BlackLine has a one year low of $47.26 and a one year high of $69.31. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The business’s fifty day moving average price is $62.10 and its 200-day moving average price is $59.31. The stock has a market capitalization of $3.76 billion, a PE ratio of -608.30, a P/E/G ratio of 10.65 and a beta of 0.86.

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

Insider Buying and Selling

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the sale, the director now directly owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were 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 $3,088,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. 9.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently modified their holdings of the stock. CWM LLC increased its holdings in BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after buying an additional 220 shares during the period. TFO Wealth Partners LLC boosted its position in BlackLine by 9,080.0% in the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after purchasing an additional 454 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in BlackLine in the 1st quarter worth approximately $33,000. CVA Family Office LLC purchased a new stake in BlackLine in the 4th quarter worth approximately $38,000. Finally, Federated Hermes Inc. boosted its position in BlackLine by 505.2% in the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after purchasing an additional 773 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.