Public Sector Pension Investment Board Grows Position in BlackLine, Inc. (NASDAQ:BL)

Public Sector Pension Investment Board raised its position in BlackLine, Inc. (NASDAQ:BL) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,872 shares of the technology company’s stock after purchasing an additional 8,642 shares during the quarter. Public Sector Pension Investment Board’s holdings in BlackLine were worth $5,469,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BL. TFO Wealth Partners LLC lifted its position in shares of BlackLine by 9,080.0% during the fourth quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after purchasing an additional 454 shares during the last quarter. YHB Investment Advisors Inc. purchased a new position in BlackLine in the 1st quarter worth about $33,000. EntryPoint Capital LLC bought a new stake in BlackLine during the 1st quarter valued at about $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine in the 2nd quarter valued at about $64,000. Finally, Covestor Ltd grew its stake in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after acquiring an additional 340 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BL shares. 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 research note on Wednesday, August 7th. Truist Financial lowered their price target 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 decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note 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. cut their price target on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report 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 MarketBeat.com, BlackLine has an average rating of “Hold” and an average target price of $58.78.

Insider Activity at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’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 owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $500,000.00. Following the completion of the transaction, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total transaction of $279,709.78. Following the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. The disclosure for this sale can be found here. Insiders have sold a total of 16,765 shares of company stock worth $851,418 over the last quarter. Insiders own 9.93% of the company’s stock.

BlackLine Price Performance

Shares of BL opened at $50.47 on Thursday. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. The company’s fifty day moving average price is $49.27 and its 200-day moving average price is $53.25. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The firm has a market capitalization of $3.14 billion, a PE ratio of 219.43, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its quarterly 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. The business had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.69) EPS. On average, equities research analysts predict that BlackLine, Inc. will post 0.94 EPS for the current year.

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.