Norden Group LLC Has $7.55 Million Holdings in BlackLine, Inc. (NASDAQ:BL)

Norden Group LLC boosted its stake in BlackLine, Inc. (NASDAQ:BL) by 2,200.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 116,909 shares of the technology company’s stock after purchasing an additional 111,826 shares during the quarter. Norden Group LLC owned about 0.19% of BlackLine worth $7,550,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of BL. CWM LLC grew its holdings in BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares during the period. CVA Family Office LLC acquired a new stake in BlackLine in the fourth quarter worth $38,000. Federated Hermes Inc. grew its holdings in shares of BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after buying an additional 773 shares during the last quarter. OLD National Bancorp IN acquired a new position in shares of BlackLine during the fourth quarter valued at about $202,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in shares of BlackLine by 513.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,354 shares of the technology company’s stock valued at $209,000 after buying an additional 2,807 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction on Friday, May 31st. The shares were acquired at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the transaction, the insider now owns 50,360 shares in the company, valued at approximately $2,403,682.80. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of the stock in a transaction dated Friday, May 31st. The shares were bought at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the transaction, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the completion of the sale, the chief financial officer now directly owns 229,341 shares in the company, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

BlackLine Stock Up 0.6 %

BL opened at $48.34 on Friday. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The company’s 50-day moving average is $51.44 and its 200 day moving average is $57.82. BlackLine, Inc. has a fifty-two week low of $43.79 and a fifty-two week high of $69.31. The firm has a market capitalization of $2.99 billion, a P/E ratio of 210.17, a PEG ratio of 5.54 and a beta of 0.86.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.22 by $0.10. The business had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. Research analysts expect that BlackLine, Inc. will post 1.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BL. Citigroup reduced their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. BMO Capital Markets lifted their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a report on Wednesday, May 8th. Wolfe Research began coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. Piper Sandler upgraded shares of BlackLine from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $55.00 to $62.00 in a report on Tuesday, April 23rd. Finally, Robert W. Baird lifted their price objective on shares of BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $63.56.

BlackLine 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.