BlackLine (NASDAQ:BL) Price Target Lowered to $63.00 at Citigroup

BlackLine (NASDAQ:BL) had its target price dropped by equities research analysts at Citigroup from $66.00 to $63.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 3.35% from the company’s previous close.

A number of other brokerages also recently weighed in on BL. William Blair downgraded BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Robert W. Baird reduced their price target on shares of BlackLine from $65.00 to $61.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. The Goldman Sachs Group upped 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. Wolfe Research began coverage on BlackLine in a research report on Monday, March 18th. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. cut their target price on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $62.20.

BlackLine Trading Up 4.4 %

Shares of BL stock traded up $2.57 during mid-day trading on Tuesday, reaching $60.96. The company’s stock had a trading volume of 194,614 shares, compared to its average volume of 907,148. BlackLine has a 12-month low of $47.26 and a 12-month high of $69.31. The company’s 50 day simple moving average is $61.97 and its 200-day simple moving average is $59.21. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The firm has a market capitalization of $3.77 billion, a PE ratio of -609.60, a price-to-earnings-growth ratio of 10.19 and a beta of 0.86.

BlackLine (NASDAQ:BL) last released its quarterly 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. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The business had revenue of $155.73 million for the quarter, compared to analysts’ expectations of $154.24 million. On average, research analysts predict that BlackLine will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 51,470 shares of the company’s stock, valued at $3,088,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Kevin B. Thompson sold 4,500 shares of BlackLine 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 transaction, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. 9.53% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

Several institutional investors and hedge funds have recently bought and sold shares of BL. SG Americas Securities LLC increased its position in shares of BlackLine by 253.7% in the third quarter. SG Americas Securities LLC now owns 40,560 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 29,093 shares in the last quarter. Dakota Wealth Management acquired a new position in BlackLine in the 3rd quarter worth approximately $210,000. Redmond Asset Management LLC grew its position in BlackLine by 1.7% during the 3rd quarter. Redmond Asset Management LLC now owns 53,329 shares of the technology company’s stock worth $2,958,000 after purchasing an additional 916 shares in the last quarter. Verdence Capital Advisors LLC grew its position in BlackLine by 10.9% during the 3rd quarter. Verdence Capital Advisors LLC now owns 6,220 shares of the technology company’s stock worth $345,000 after purchasing an additional 611 shares in the last quarter. Finally, Strs Ohio raised its stake in BlackLine by 19.2% during the 3rd quarter. Strs Ohio now owns 3,100 shares of the technology company’s stock valued at $171,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Company Profile

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.