SunTrust Banks downgraded shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report released on Monday, Marketbeat reports. They currently have $43.00 price target on the technology company’s stock. The analysts noted that the move was a valuation call.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. lowered BlackLine from a neutral rating to an underweight rating and set a $27.00 price target for the company. in a report on Thursday, January 25th. BidaskClub lowered BlackLine from a sell rating to a strong sell rating in a report on Friday, January 26th. Robert W. Baird reissued a buy rating on shares of BlackLine in a report on Friday, February 16th. KeyCorp reissued a buy rating and set a $46.00 price target on shares of BlackLine in a report on Thursday, February 15th. Finally, Zacks Investment Research lowered BlackLine from a hold rating to a sell rating in a report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. BlackLine currently has an average rating of Hold and a consensus target price of $39.12.

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Shares of BlackLine stock opened at $39.47 on Monday. BlackLine has a fifty-two week low of $28.21 and a fifty-two week high of $45.19.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Thursday, February 15th. The technology company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.12. BlackLine had a negative return on equity of 6.53% and a negative net margin of 21.50%. The company had revenue of $50.23 million during the quarter, compared to analyst estimates of $47.69 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. BlackLine’s revenue was up 42.1% compared to the same quarter last year. equities analysts anticipate that BlackLine will post -0.28 EPS for the current fiscal year.

In other news, major shareholder Iconiq Strategic Partners, L.P sold 2,000,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $40.75, for a total value of $81,500,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mario Spanicciati sold 700,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $40.75, for a total value of $28,525,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,090,000 shares of company stock valued at $125,860,000. Corporate insiders own 22.35% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DF Dent & Co. Inc. boosted its stake in shares of BlackLine by 21.3% in the third quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock worth $77,466,000 after acquiring an additional 399,130 shares during the period. Conestoga Capital Advisors LLC lifted its position in shares of BlackLine by 27.1% in the fourth quarter. Conestoga Capital Advisors LLC now owns 810,030 shares of the technology company’s stock worth $26,569,000 after buying an additional 172,855 shares in the last quarter. Huntington National Bank purchased a new stake in shares of BlackLine in the fourth quarter worth about $1,237,000. Bank of New York Mellon Corp lifted its position in shares of BlackLine by 28.4% in the third quarter. Bank of New York Mellon Corp now owns 54,803 shares of the technology company’s stock worth $1,870,000 after buying an additional 12,121 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of BlackLine by 136.4% in the third quarter. Ameriprise Financial Inc. now owns 204,938 shares of the technology company’s stock worth $6,992,000 after buying an additional 118,255 shares in the last quarter. 79.54% of the stock is owned by hedge funds and other institutional investors.

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About BlackLine

BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.

Analyst Recommendations for BlackLine (NASDAQ:BL)

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