BlackLine (NASDAQ:BL) Price Target Raised to $72.00 at Robert W. Baird

BlackLine (NASDAQ:BL) had its price target hoisted by investment analysts at Robert W. Baird from $61.00 to $72.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s target price indicates a potential upside of 19.15% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $55.00 to $62.00 in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price target on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. The Goldman Sachs Group raised their price objective on shares of BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research report on Tuesday, January 23rd. Wolfe Research began coverage on shares of BlackLine in a research note on Monday, March 18th. They set a “peer perform” rating for the company. Finally, William Blair cut shares of BlackLine from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, BlackLine currently has an average rating of “Hold” and an average price target of $63.78.

BlackLine Trading Down 0.5 %

NASDAQ BL opened at $60.43 on Wednesday. The business’s fifty day moving average is $62.49 and its 200-day moving average is $59.63. 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 stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of -604.30, a PEG ratio of 10.82 and a beta of 0.87. BlackLine has a one year low of $47.26 and a one year high of $69.31.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. The business had revenue of $155.73 million during the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. Equities research analysts predict that BlackLine will post 1.02 EPS for the current year.

Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now directly owns 104,682 shares in the company, valued at $6,071,556. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Kevin B. Thompson sold 4,500 shares of the 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 completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the transaction, the executive now directly owns 104,682 shares in the company, valued at $6,071,556. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of hedge funds have recently modified their holdings of BL. Verdence Capital Advisors LLC raised its holdings in shares of BlackLine by 10.9% during the third quarter. Verdence Capital Advisors LLC now owns 6,220 shares of the technology company’s stock valued at $345,000 after acquiring an additional 611 shares in the last quarter. Strs Ohio boosted its stake in shares of 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of BlackLine by 2.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,107 shares of the technology company’s stock valued at $1,393,000 after purchasing an additional 626 shares in the last quarter. Park Avenue Securities LLC purchased a new position in shares of BlackLine during the third quarter valued at about $446,000. Finally, Baron Wealth Management LLC bought a new position in BlackLine in the third quarter worth about $209,000. Hedge funds and other institutional investors 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.