Citigroup Boosts BlackLine (NASDAQ:BL) Price Target to $66.00

BlackLine (NASDAQ:BL) had its price target increased by Citigroup from $57.00 to $66.00 in a report published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

BL has been the subject of several other reports. Robert W. Baird lowered their target price on BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Wolfe Research initiated coverage on BlackLine in a research report on Monday, March 18th. They set a peer perform rating for the company. The Goldman Sachs Group raised their target price on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a research report on Tuesday, January 23rd. JMP Securities reaffirmed a market outperform rating and set a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. Finally, William Blair lowered BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, BlackLine has a consensus rating of Hold and an average target price of $61.80.

BlackLine Stock Up 1.5 %

Shares of BL opened at $64.58 on Wednesday. BlackLine has a 52 week low of $47.26 and a 52 week high of $69.31. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of -645.80, a PEG ratio of 11.31 and a beta of 0.85. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. The stock has a fifty day moving average of $61.44 and a 200-day moving average of $58.28.

BlackLine (NASDAQ:BL) last announced 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 company had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. As a group, sell-side analysts anticipate that BlackLine will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackLine

In other news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $60.58, for a total transaction of $45,435.00. Following the completion of the transaction, the director now directly owns 52,220 shares in the company, valued at approximately $3,163,487.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $60.58, for a total transaction of $45,435.00. Following the completion of the transaction, the director now owns 52,220 shares of the company’s stock, valued at $3,163,487.60. The disclosure for this sale can be found here. Insiders have sold 6,000 shares of company stock valued at $349,185 in the last 90 days. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BL. Meritage Group LP purchased a new stake in BlackLine during the third quarter valued at about $59,530,000. UBS Group AG boosted its position in BlackLine by 855.5% during the third quarter. UBS Group AG now owns 657,004 shares of the technology company’s stock valued at $36,444,000 after buying an additional 588,245 shares during the period. Price T Rowe Associates Inc. MD boosted its position in BlackLine by 275.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 715,319 shares of the technology company’s stock valued at $47,640,000 after buying an additional 524,773 shares during the period. Hawk Ridge Capital Management LP purchased a new stake in BlackLine during the third quarter valued at about $21,853,000. Finally, Vanguard Group Inc. boosted its position in BlackLine by 6.1% during the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock valued at $369,349,000 after buying an additional 380,614 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

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.