Piper Sandler Remains a Buy on BlackLine (BL)

In a report released today, Brent Bracelin from Piper Sandler maintained a Buy rating on BlackLine (BL), with a price target of $65.00. The company’s shares closed last Monday at $53.17.

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 28.2% and a 73.0% success rate. Bracelin covers the Technology sector, focusing on stocks such as Slack Technologies, Coupa Software, and Veeva Systems.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for BlackLine with a $62.00 average price target, implying a 15.3% upside from current levels. In a report issued on March 17, Oppenheimer also maintained a Buy rating on the stock with a $63.00 price target.

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Based on BlackLine’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $80.26 million and GAAP net loss of $9.49 million. In comparison, last year the company earned revenue of $62.32 million and had a GAAP net loss of $8.64 million.

Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BL in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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. The company was founded by Therese Tucker in May 2001 and is headquartered in Woodland Hills, CA.

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