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Piper Sandler Upgrades BlackLine Inc (BL) to a Neutral from an Underweight

BlackLine Inc’s filing revealed that its CHIEF REVENUE OFFICER Woodhams Mark unloaded Company’s shares for reported $0.17 million on May 01 ’24. In the deal valued at $58.00 per share,2,877 shares were sold. As a result of this transaction, Woodhams Mark now holds 104,682 shares worth roughly $6.05 million.

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Then, THOMPSON KEVIN B sold 4,500 shares, generating $258,750 in total proceeds. Upon selling the shares at $57.50, the Director now owns 11,000 shares.

Before that, Woodhams Mark sold 3,208 shares. BlackLine Inc shares valued at $180,129 were divested by the CHIEF REVENUE OFFICER at a price of $56.15 per share. As a result of the transaction, Woodhams Mark now holds 77,901 shares, worth roughly $4.51 million.

Piper Sandler upgraded its BlackLine Inc [BL] rating to a Neutral from a an Underweight in a research note published on April 23, 2024; the price target was increased to $62 from $55. A number of analysts have revised their coverage, including Wolfe Research’s analysts, who began to cover the stock in mid March with a ‘”a Peer perform”‘ rating. William Blair also remained covering BL and has decreased its forecast on February 14, 2024 with a “Mkt perform” recommendation from previously “an Outperform” rating. Piper Sandler revised its rating on January 02, 2024. It rated BL as “an Underweight” which previously was an “a Neutral”.

Price Performance Review of BL

On Tuesday, BlackLine Inc [NASDAQ:BL] saw its stock fall -0.14% to $57.84. Over the last five days, the stock has lost -4.29%. BlackLine Inc shares have fallen nearly -7.37% since the year began. Nevertheless, the stocks have risen 10.80% over the past one year. While a 52-week high of $69.31 was reached on 03/13/24, a 52-week low of $47.26 was recorded on 02/14/24. SMA at 50 days reached $62.30, while 200 days put it at $58.03. A total of 0.52 million shares were traded, compared to the trading of 0.64 million shares in the previous session.

Levels Of Support And Resistance For BL Stock

The 24-hour chart illustrates a support level at 57.21, which if violated will result in even more drops to 56.57. On the upside, there is a resistance level at 59.05. A further resistance level may holdings at 60.25. The Relative Strength Index (RSI) on the 14-day chart is 41.42, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.31, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 84.14%. Stochastics %K at 18.22% indicates the stock is a buying.

The most recent change occurred on May 22, 2023 when Morgan Stanley began covering the stock and recommended ‘”an Equal-weight”‘ rating along with a $60 price target.

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