BlackLine (NASDAQ:BL) Price Target Cut to $63.00

BlackLine (NASDAQ:BL) had its price objective lowered by Citigroup from $66.00 to $63.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Other analysts have also issued reports about the company. The Goldman Sachs Group raised their price target on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a research note on Tuesday, January 23rd. JMP Securities restated a market outperform rating and issued a $81.00 price objective on shares of BlackLine in a report on Wednesday, February 14th. JPMorgan Chase & Co. cut their price objective on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a report on Wednesday, February 14th. Robert W. Baird cut their price objective on BlackLine from $65.00 to $61.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Finally, William Blair downgraded BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, BlackLine currently has a consensus rating of Hold and a consensus price target of $62.20.

BlackLine Price Performance

BL stock opened at $60.83 on Tuesday. The company has a market capitalization of $3.76 billion, a P/E ratio of -608.30, a PEG ratio of 10.65 and a beta of 0.86. BlackLine has a twelve month low of $47.26 and a twelve month high of $69.31. The business has a 50 day simple moving average of $62.10 and a 200-day simple moving average of $59.31. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.28. The firm 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%. As a group, equities analysts anticipate that BlackLine will post 1.02 EPS for the current year.

Insider Activity

In other news, Director Thomas Unterman sold 750 shares of the company’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 directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now directly owns 51,470 shares of the company’s stock, valued at $3,088,200. The disclosure for this sale can be found here. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. CWM LLC raised its position in BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after buying an additional 220 shares during the period. Arizona State Retirement System raised its position in BlackLine by 1.6% during the third quarter. Arizona State Retirement System now owns 14,639 shares of the technology company’s stock valued at $812,000 after buying an additional 227 shares during the period. NBC Securities Inc. increased its position in BlackLine by 2.5% in the 4th quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock worth $740,000 after purchasing an additional 285 shares during the last quarter. Portside Wealth Group LLC increased its position in BlackLine by 4.6% in the 4th quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock worth $505,000 after purchasing an additional 359 shares during the last quarter. Finally, TFO Wealth Partners LLC increased 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 during the last quarter. 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.