Principal Financial Group Inc. Sells 9,989 Shares of BlackLine, Inc. (NASDAQ:BL)

Principal Financial Group Inc. cut its position in shares of BlackLine, Inc. (NASDAQ:BL) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 255,856 shares of the technology company’s stock after selling 9,989 shares during the period. Principal Financial Group Inc.’s holdings in BlackLine were worth $12,396,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Quadrature Capital Ltd increased its holdings in shares of BlackLine by 346.5% in the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after acquiring an additional 24,713 shares during the period. Cetera Investment Advisers purchased a new position in shares of BlackLine in the 1st quarter valued at $1,572,000. Comerica Bank increased its holdings in shares of BlackLine by 11.8% in the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after acquiring an additional 13,066 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of BlackLine in the 1st quarter valued at $2,000,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in shares of BlackLine in the 1st quarter valued at $907,000. 95.13% of the stock is owned by institutional investors.

Insider Activity

In other news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the insider now owns 115,424 shares in the company, valued at $5,771,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,765 shares of company stock valued at $851,418. Company insiders own 9.93% of the company’s stock.

BlackLine Stock Down 0.9 %

Shares of BL stock opened at $47.92 on Friday. The stock’s 50-day simple moving average is $48.72 and its 200-day simple moving average is $54.24. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a market capitalization of $2.96 billion, a PE ratio of 208.35, a P/E/G ratio of 12.37 and a beta of 0.89. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.69) earnings per share. Equities analysts expect that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

BL has been the topic of a number of analyst reports. Citigroup cut their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Piper Sandler cut their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 7th. Finally, JMP Securities restated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $58.78.

BlackLine Company 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.