BlackLine (NASDAQ:BL) Given New $80.00 Price Target at Morgan Stanley

BlackLine (NASDAQ:BL) had its price target upped by investment analysts at Morgan Stanley from $70.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 32.10% from the company’s previous close.

Other analysts have also recently issued reports about the company. BTIG Research lowered their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird dropped their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Piper Sandler upped their target price on shares of BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $63.60.

BlackLine Stock Down 2.9 %

BL opened at $60.56 on Friday. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 61.80, a PEG ratio of 15.28 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.95 and a current ratio of 2.69. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The firm’s 50-day simple moving average is $54.69 and its 200-day simple moving average is $51.69.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 135,495 shares of company stock worth $7,560,534. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently made changes to their positions in the business. Quarry LP bought a new stake in shares of BlackLine in the 2nd quarter worth $32,000. EntryPoint Capital LLC purchased a new position in BlackLine in the 1st quarter worth approximately $36,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the 2nd quarter valued at $64,000. Covestor Ltd lifted its position in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after acquiring an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.