Fintel reports that on September 18, 2023, Citigroup maintained coverage of BlackLine (NASDAQ:BL) with a Neutral recommendation.
Analyst Price Forecast Suggests 11.25% Upside
As of August 31, 2023, the average one-year price target for BlackLine is 61.88. The forecasts range from a low of 51.51 to a high of $85.05. The average price target represents an increase of 11.25% from its latest reported closing price of 55.62.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for BlackLine is 630MM, an increase of 12.87%. The projected annual non-GAAP EPS is 0.56.
What is the Fund Sentiment?
There are 535 funds or institutions reporting positions in BlackLine. This is a decrease of 68 owner(s) or 11.28% in the last quarter. Average portfolio weight of all funds dedicated to BL is 0.26%, a decrease of 21.86%. Total shares owned by institutions decreased in the last three months by 5.97% to 69,262K shares. 
The put/call ratio of BL is 0.13, indicating a bullish outlook.
What are Other Shareholders Doing?
Clearlake Capital Group holds 5,712K shares representing 9.37% ownership of the company. No change in the last quarter.
Kayne Anderson Rudnick Investment Management holds 2,159K shares representing 3.54% ownership of the company. In it’s prior filing, the firm reported owning 2,160K shares, representing a decrease of 0.01%. The firm decreased its portfolio allocation in BL by 23.70% over the last quarter.
Riverbridge Partners holds 2,107K shares representing 3.46% ownership of the company. In it’s prior filing, the firm reported owning 2,048K shares, representing an increase of 2.79%. The firm decreased its portfolio allocation in BL by 25.86% over the last quarter.
ICONIQ Capital holds 2,087K shares representing 3.42% ownership of the company. No change in the last quarter.
Brown Advisory holds 1,857K shares representing 3.05% ownership of the company. In it’s prior filing, the firm reported owning 1,762K shares, representing an increase of 5.12%. The firm increased its portfolio allocation in BL by 62.52% over the last quarter.
BlackLine Background Information
(This description is provided by the company.)
Companies come to BlackLine because their traditional manual accounting processes are not sustainable. BlackLine’scloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.
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This story originally appeared on Fintel.
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