272 Capital LP Makes New Investment in BlackLine, Inc. (NASDAQ:BL)

272 Capital LP acquired a new stake in BlackLine, Inc. (NASDAQ:BL) during the second quarter, HoldingsChannel reports. The firm acquired 52,330 shares of the technology company’s stock, valued at approximately $2,535,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. YHB Investment Advisors Inc. acquired a new position in BlackLine in the 1st quarter valued at $33,000. EntryPoint Capital LLC acquired a new position in shares of BlackLine during the first quarter worth about $36,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the second quarter worth about $64,000. Covestor Ltd raised its holdings in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in BlackLine by 13.0% in the second 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 period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Citigroup dropped their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Robert W. Baird dropped their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Truist Financial reduced their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 7th. Finally, BTIG Research reduced 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 issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $58.78.

Insider Activity at BlackLine

In other BlackLine news, 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 transaction of $500,000.00. Following the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 transaction of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. The transaction 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 stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. The disclosure for this sale can be found here. Insiders have sold a total of 16,765 shares of company stock valued at $851,418 over the last quarter. Insiders own 9.93% of the company’s stock.

BlackLine Stock Down 1.4 %

Shares of NASDAQ BL opened at $51.24 on Tuesday. The firm’s 50-day moving average is $49.17 and its two-hundred day moving average is $53.38. The company has a market capitalization of $3.17 billion, a PE ratio of 222.78, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The firm 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%. BlackLine’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.69) EPS. Equities analysts anticipate that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

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.