Blair William & Co. IL Increases Stake in BlackLine, Inc. (NASDAQ:BL)

Blair William & Co. IL lifted its stake in BlackLine, Inc. (NASDAQ:BL) by 1.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,021 shares of the technology company’s stock after buying an additional 1,240 shares during the quarter. Blair William & Co. IL owned approximately 0.14% of BlackLine worth $4,313,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. YHB Investment Advisors Inc. purchased a new position in shares of BlackLine in the 1st quarter worth $33,000. EntryPoint Capital LLC purchased a new stake in BlackLine during the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. bought a new stake in shares of BlackLine in the 2nd quarter valued at approximately $64,000. Covestor Ltd increased its position in shares of BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $71,707.90. Following the completion of the sale, the executive now directly owns 97,582 shares in the company, valued at $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. 9.93% of the stock is currently owned by insiders.

BlackLine Stock Up 0.1 %

Shares of NASDAQ BL opened at $51.98 on Friday. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The stock’s fifty day simple moving average is $49.11 and its two-hundred day simple moving average is $53.57. The stock has a market capitalization of $3.21 billion, a PE ratio of 226.00, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89. 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 released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. During the same period in the prior year, the firm posted ($0.69) earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, analysts expect that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Robert W. Baird cut their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Piper Sandler cut their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. 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 report on Wednesday, August 7th. Truist Financial reduced their price target on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Finally, Citigroup lowered their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.78.

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.