Edgestream Partners L.P. Decreases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Edgestream Partners L.P. trimmed its holdings in BlackLine, Inc. (NASDAQ:BL) by 59.8% during the second quarter, Holdings Channel.com reports. The fund owned 16,734 shares of the technology company’s stock after selling 24,928 shares during the period. Edgestream Partners L.P.’s holdings in BlackLine were worth $811,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. YHB Investment Advisors Inc. purchased a new position in BlackLine during the first quarter worth $33,000. EntryPoint Capital LLC purchased a new stake in BlackLine during the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. acquired a new position in BlackLine in the 2nd quarter valued at about $64,000. Covestor Ltd lifted its holdings in BlackLine by 29.4% in 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 in the last quarter. Finally, Fifth Third Bancorp boosted its stake 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 worth $112,000 after purchasing an additional 266 shares during the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the business’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 transaction, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were 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 of the company’s stock, valued at $5,771,200. The disclosure for this sale can be found here. Insiders sold 16,765 shares of company stock valued at $851,418 over the last quarter. Company insiders own 9.93% of the company’s stock.

BlackLine Trading Up 0.1 %

Shares of BL stock opened at $51.98 on Friday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The firm’s 50 day moving average price is $49.11 and its two-hundred day moving average price is $53.57. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 226.00, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share 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 for the quarter, compared to analyst estimates of $158.21 million. During the same quarter in the previous year, the business posted ($0.69) EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts anticipate that BlackLine, Inc. will post 0.94 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BL. Truist Financial cut their price objective on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird reduced their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler dropped their target price on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Citigroup decreased their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Finally, BTIG Research dropped their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, 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.