Piper Sandler Downgrades BlackLine (NASDAQ:BL) to Underweight

by · The Markets Daily

BlackLine (NASDAQ:BL – Get Free Report) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a report released on Monday, Marketbeat reports. They presently have a $60.00 price target on the technology company’s stock. Piper Sandler’s price objective points to a potential upside of 3.90% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Citigroup lifted their price target on BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Morgan Stanley upped their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, JMP Securities lifted their target price on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, five have given 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 $66.00.

View Our Latest Report on BL

BlackLine Trading Down 2.0 %

BL stock opened at $57.75 on Monday. The business’s 50-day moving average is $61.16 and its 200 day moving average is $54.41. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 58.93, a PEG ratio of 15.18 and a beta of 0.91. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the transaction, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the period. JPMorgan Chase & Co. raised its holdings in BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Principal Financial Group Inc. lifted its stake in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after acquiring an additional 34,919 shares during the last quarter. 272 Capital LP grew its holdings in BlackLine by 30.8% during the 3rd quarter. 272 Capital LP now owns 68,437 shares of the technology company’s stock worth $3,774,000 after acquiring an additional 16,107 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of BlackLine by 1.6% in the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after purchasing an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

About BlackLine

(Get Free Report)

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.

Recommended Stories