BlackLine (NASDAQ:BL) Price Target Increased to $67.00 by Analysts at BMO Capital Markets

BlackLine (NASDAQ:BL) had its target price lifted by BMO Capital Markets from $65.00 to $67.00 in a research note published on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the technology company’s stock.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group lifted their price objective on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a research note on Tuesday, January 23rd. Wolfe Research began coverage on BlackLine in a research report on Monday, March 18th. They issued a peer perform rating on the stock. JPMorgan Chase & Co. reduced their price objective on BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a research report on Wednesday, February 14th. William Blair lowered shares of BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Finally, Robert W. Baird increased their price target on shares of BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $64.10.

BlackLine Stock Down 1.5 %

BlackLine stock opened at $59.51 on Wednesday. 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 has a 1-year low of $47.26 and a 1-year high of $69.31. The firm’s fifty day simple moving average is $62.55 and its 200-day simple moving average is $59.63. The company has a market capitalization of $3.68 billion, a P/E ratio of -595.10, a P/E/G ratio of 10.82 and a beta of 0.87.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.28. The company had revenue of $155.73 million for the quarter, compared to analyst estimates of $154.24 million. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. Sell-side analysts forecast that BlackLine will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the 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 transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction that occurred 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 sale, the executive now directly owns 104,682 shares in the company, valued at approximately $6,071,556. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at $632,500. 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 institutional investors and hedge funds have recently bought and sold shares of the business. Los Angeles Capital Management LLC raised its position in BlackLine by 44.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 58,476 shares of the technology company’s stock worth $3,651,000 after purchasing an additional 18,014 shares during the last quarter. Meritage Group LP acquired a new position in shares of BlackLine during the third quarter valued at $59,530,000. Envestnet Portfolio Solutions Inc. acquired a new stake in BlackLine in the third quarter worth about $597,000. Great Lakes Advisors LLC acquired a new stake in BlackLine in the third quarter worth about $13,130,000. Finally, Envestnet Asset Management Inc. raised its holdings in BlackLine by 33.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 320,139 shares of the technology company’s stock worth $17,758,000 after purchasing an additional 80,391 shares during the last quarter. 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.