BlackLine, Inc. (NASDAQ:BL – Get Free Report) shares gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $60.00 to $57.00. The stock had previously closed at $58.30, but opened at $53.25. Citigroup currently has a neutral rating on the stock. BlackLine shares last traded at $58.23, with a volume of 326,717 shares traded.
Several other research firms have also commented on BL. Piper Sandler reduced their price target on shares of BlackLine from $60.00 to $55.00 and set an “underweight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. restated a “market perform” rating and issued a $81.00 price target on shares of BlackLine in a report on Tuesday. William Blair lowered shares of BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday. Robert W. Baird reduced their price target on shares of BlackLine from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, January 4th. Finally, JMP Securities restated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a report on Monday, December 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $64.20.
Insiders Place Their Bets
In other news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now directly owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CRO Mark Woodhams sold 4,072 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $62.67, for a total value of $255,192.24. Following the sale, the executive now directly owns 88,542 shares of the company’s stock, valued at approximately $5,548,927.14. The transaction was disclosed in a legal filing 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 Thursday, February 1st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the sale, the director now directly owns 51,470 shares in the company, valued at $3,088,200. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,322 shares of company stock valued at $390,627. Insiders own 9.93% of the company’s stock.
Hedge Funds Weigh In On BlackLine
Several large investors have recently made changes to their positions in the company. LPL Financial LLC raised its position in BlackLine by 90.9% during the second quarter. LPL Financial LLC now owns 29,944 shares of the technology company’s stock worth $1,612,000 after acquiring an additional 14,258 shares during the period. Charles Schwab Investment Management Inc. raised its position in BlackLine by 8.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 441,245 shares of the technology company’s stock worth $23,748,000 after acquiring an additional 35,243 shares during the period. Great Lakes Advisors LLC acquired a new position in BlackLine during the third quarter worth $13,130,000. Trexquant Investment LP acquired a new position in BlackLine during the second quarter worth $1,020,000. Finally, Capital Fund Management S.A. raised its position in BlackLine by 284.3% during the second quarter. Capital Fund Management S.A. now owns 40,160 shares of the technology company’s stock worth $2,161,000 after acquiring an additional 29,711 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.
BlackLine Price Performance
The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 5.28. The stock’s 50-day simple moving average is $60.47 and its two-hundred day simple moving average is $56.58. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of -245.67, a PEG ratio of 1.47 and a beta of 0.87.
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.