Analysts at Bank of America initiated coverage on shares of BlackLine (NASDAQ:BL) in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage set a “neutral” rating and a $120.00 price target on the technology company’s stock. Bank of America‘s price target would suggest a potential upside of 1.88% from the stock’s current price.
Several other research firms also recently commented on BL. Berenberg Bank assumed coverage on shares of BlackLine in a research note on Wednesday, March 10th. They issued a “buy” rating and a $150.00 price target on the stock. TheStreet cut shares of BlackLine from a “c” rating to a “d+” rating in a research report on Monday, March 15th. The Goldman Sachs Group upgraded shares of BlackLine from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $137.00 in a report on Tuesday, February 16th. Oppenheimer boosted their price target on shares of BlackLine from $140.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, February 12th. Finally, JMP Securities boosted their price target on shares of BlackLine from $115.00 to $163.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. BlackLine presently has an average rating of “Buy” and an average target price of $139.18.
NASDAQ:BL opened at $117.79 on Friday. BlackLine has a one year low of $56.86 and a one year high of $154.61. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.70 and a quick ratio of 3.70. The company’s 50-day simple moving average is $112.25 and its 200 day simple moving average is $118.77. The firm has a market capitalization of $6.84 billion, a P/E ratio of -170.71 and a beta of 0.95.
BlackLine (NASDAQ:BL) last issued its earnings results on Wednesday, February 10th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.37. The business had revenue of $95.71 million during the quarter, compared to analysts’ expectations of $91.60 million. BlackLine had a negative net margin of 11.58% and a negative return on equity of 0.29%. On average, equities research analysts expect that BlackLine will post -0.19 earnings per share for the current fiscal year.
In other BlackLine news, CEO Marc Huffman sold 22,291 shares of the stock in a transaction dated Friday, March 12th. The shares were sold at an average price of $111.98, for a total value of $2,496,146.18. Following the completion of the transaction, the chief executive officer now directly owns 152,132 shares of the company’s stock, valued at $17,035,741.36. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Therese Tucker sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 30th. The shares were sold at an average price of $101.39, for a total transaction of $1,013,900.00. Following the completion of the sale, the insider now owns 103,979 shares in the company, valued at $10,542,430.81. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,093 shares of company stock valued at $15,102,802. 13.44% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Fortis Capital Management LLC acquired a new stake in BlackLine during the first quarter worth approximately $1,951,000. Gradient Investments LLC grew its holdings in BlackLine by 205.0% during the 1st quarter. Gradient Investments LLC now owns 31,585 shares of the technology company’s stock worth $3,424,000 after acquiring an additional 21,230 shares in the last quarter. NEXT Financial Group Inc grew its holdings in BlackLine by 4.2% during the 1st quarter. NEXT Financial Group Inc now owns 3,983 shares of the technology company’s stock worth $432,000 after acquiring an additional 162 shares in the last quarter. Wolff Wiese Magana LLC boosted its holdings in shares of BlackLine by 7.7% in the 1st quarter. Wolff Wiese Magana LLC now owns 5,435 shares of the technology company’s stock valued at $589,000 after buying an additional 390 shares during the period. Finally, First Bank & Trust boosted its holdings in shares of BlackLine by 29.6% in the 1st quarter. First Bank & Trust now owns 3,118 shares of the technology company’s stock valued at $338,000 after buying an additional 712 shares during the period. Institutional investors and hedge funds own 94.46% of the company’s stock.
BlackLine Company Profile
BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations in the United States and internationally. It offers financial close management solutions that include account reconciliations providing a centralized workspace from which users can collaborate to complete account reconciliations; transaction matching that analyzes and reconciles high volumes of individual transactions from different sources of data based upon user-configured logic; task management, which enables users to create and manage processes and task lists; journal entry that allows users to manually or automatically generate, review, and post manual journal entries; variance analysis that monitors and identifies anomalous fluctuations in balance sheet and income statement account balances; consolidation integrity manager that manages the automated system-to-system tie-out process that occurs during the consolidation phase of the financial close; and compliance that facilitates compliance-related initiatives, consolidates project management, and provides visibility over control self-assessments and testing.
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