Arizona State Retirement System Boosts Stake in BlackLine, Inc. (NASDAQ:BL)

Arizona State Retirement System lifted its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 2.3% during the second quarter, Holdings Channel reports. The fund owned 14,638 shares of the technology company’s stock after purchasing an additional 325 shares during the quarter. Arizona State Retirement System’s holdings in BlackLine were worth $709,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. TFO Wealth Partners LLC boosted its stake in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after acquiring an additional 454 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in shares of BlackLine during the first quarter worth about $33,000. EntryPoint Capital LLC acquired a new position in BlackLine in the first quarter worth about $36,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the second quarter valued at about $64,000. Finally, Covestor Ltd raised its stake in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BL. Citigroup lowered their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Truist Financial dropped their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. BTIG Research decreased their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. decreased their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $58.78.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $50.01 on Monday. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a market cap of $3.11 billion, a PE ratio of 217.43, a P/E/G ratio of 12.21 and a beta of 0.89. The stock has a 50 day simple moving average of $48.77 and a 200-day simple moving average of $53.88. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The company had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. During the same quarter in the previous year, the firm posted ($0.69) EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities research analysts forecast that BlackLine, Inc. will post 0.94 EPS for the current year.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the sale, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were 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 of the company’s stock, valued at approximately $5,044,989.40. The disclosure for this sale can be found here. Insiders sold 16,765 shares of company stock worth $851,418 in the last 90 days. Corporate insiders own 9.93% of the company’s stock.

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.