BlackLine, Inc. (NASDAQ:BL – Get Rating) shares traded down 5.2% on Friday after Citigroup lowered their price target on the stock from $73.00 to $65.00. The stock traded as low as $53.50 and last traded at $53.68. 1,124 shares traded hands during trading, a decline of 100% from the average session volume of 510,816 shares. The stock had previously closed at $56.63.
Several other analysts have also recently commented on BL. The Goldman Sachs Group initiated coverage on BlackLine in a research report on Friday. They issued a “sell” rating and a $57.00 target price for the company. JMP Securities cut their price objective on BlackLine from $112.00 to $87.00 and set a “market outperform” rating for the company in a report on Tuesday. Bank of America lowered BlackLine from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $75.00 to $64.00 in a report on Monday, July 18th. They noted that the move was a valuation call. Piper Sandler cut their price objective on BlackLine from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Credit Suisse Group initiated coverage on BlackLine in a report on Friday, September 23rd. They set a “neutral” rating and a $75.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and an average target price of $80.83.
Insider Transactions at BlackLine
In other BlackLine news, Director Thomas Unterman sold 500 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $60.68, for a total transaction of $30,340.00. Following the sale, the director now directly owns 51,509 shares of the company’s stock, valued at $3,125,566.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other BlackLine news, Director Thomas Unterman sold 500 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $60.68, for a total value of $30,340.00. Following the transaction, the director now directly owns 51,509 shares in the company, valued at approximately $3,125,566.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Peter Hirsch sold 1,997 shares of the stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $69.91, for a total value of $139,610.27. Following the completion of the transaction, the chief technology officer now owns 34,427 shares in the company, valued at $2,406,791.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,997 shares of company stock valued at $201,160. Corporate insiders own 9.71% of the company’s stock.
Institutional Investors Weigh In On BlackLine
Institutional investors have recently made changes to their positions in the stock. Ellevest Inc. grew its stake in shares of BlackLine by 458.5% during the second quarter. Ellevest Inc. now owns 754 shares of the technology company’s stock worth $50,000 after purchasing an additional 619 shares during the period. Icon Wealth Partners LLC grew its stake in BlackLine by 16.4% in the first quarter. Icon Wealth Partners LLC now owns 10,378 shares of the technology company’s stock valued at $760,000 after acquiring an additional 1,460 shares during the period. Comerica Bank grew its stake in BlackLine by 2.2% in the first quarter. Comerica Bank now owns 113,998 shares of the technology company’s stock valued at $7,692,000 after acquiring an additional 2,485 shares during the period. Oppenheimer Asset Management Inc. grew its stake in BlackLine by 1.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 123,328 shares of the technology company’s stock valued at $9,031,000 after acquiring an additional 2,240 shares during the period. Finally, Aigen Investment Management LP grew its stake in BlackLine by 77.3% in the first quarter. Aigen Investment Management LP now owns 8,239 shares of the technology company’s stock valued at $603,000 after acquiring an additional 3,591 shares during the period.
BlackLine Trading Down 5.7 %
The company has a debt-to-equity ratio of 17.46, a current ratio of 3.57 and a quick ratio of 3.57. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -44.06 and a beta of 0.83. The business has a 50 day simple moving average of $65.30 and a 200-day simple moving average of $67.08.
BlackLine (NASDAQ:BL – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The technology company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.03). The firm had revenue of $128.48 million during the quarter, compared to the consensus estimate of $126.54 million. BlackLine had a negative net margin of 15.09% and a negative return on equity of 22.04%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, equities analysts expect that BlackLine, Inc. will post -0.81 earnings per share for the current year.
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 high volumes of individual transactions; and task management to create and manage processes and task lists.
