BlackLine (NASDAQ:BL) Given New $63.00 Price Target at Citigroup

BlackLine (NASDAQ:BL) had its price objective decreased by investment analysts at Citigroup from $66.00 to $63.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 3.35% from the company’s previous close.

BL has been the topic of a number of other reports. The Goldman Sachs Group boosted their price objective on shares of BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their price target on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Wolfe Research initiated coverage on BlackLine in a research note on Monday, March 18th. They issued a “peer perform” rating for the company. William Blair downgraded BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.20.

BlackLine Stock Up 4.4 %

NASDAQ BL traded up $2.57 on Tuesday, hitting $60.96. The stock had a trading volume of 194,614 shares, compared to its average volume of 907,148. BlackLine has a 52-week low of $47.26 and a 52-week high of $69.31. The business’s fifty day moving average price is $61.97 and its 200 day moving average price is $59.21. 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 cap of $3.77 billion, a price-to-earnings ratio of -609.60, a price-to-earnings-growth ratio of 10.19 and a beta of 0.86.

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

Insiders Place Their Bets

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s 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 completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now owns 51,470 shares in the company, valued at approximately $3,088,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction dated 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 of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BL. Meritage Group LP acquired a new stake in BlackLine in the 3rd quarter valued at about $59,530,000. UBS Group AG increased its stake in shares of BlackLine by 855.5% during the third quarter. UBS Group AG now owns 657,004 shares of the technology company’s stock worth $36,444,000 after buying an additional 588,245 shares during the period. Hawk Ridge Capital Management LP acquired a new stake in BlackLine in the third quarter valued at approximately $21,853,000. Vanguard Group Inc. lifted its stake in BlackLine by 6.1% in the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock worth $369,349,000 after acquiring an additional 380,614 shares during the last quarter. Finally, Norges Bank acquired a new position in BlackLine during the 4th quarter worth approximately $16,927,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

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.