Deerfield Management Company L.P. Series C Takes Position in BlackLine, Inc. (NASDAQ:BL)

Deerfield Management Company L.P. Series C purchased a new position in shares of BlackLine, Inc. (NASDAQ:BL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,870 shares of the technology company’s stock, valued at approximately $430,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quadrature Capital Ltd boosted its holdings in BlackLine by 346.5% during the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock worth $2,055,000 after buying an additional 24,713 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of BlackLine in the first quarter valued at $1,572,000. Comerica Bank raised its stake in shares of BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after buying an additional 13,066 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of BlackLine during the 1st quarter worth $2,000,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of BlackLine in the 1st quarter worth about $907,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BL shares. Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. BTIG Research reduced their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial dropped their price target on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Citigroup dropped their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Finally, Piper Sandler decreased their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $58.78.

BlackLine Stock Up 1.1 %

NASDAQ BL opened at $52.85 on Friday. The stock has a market cap of $3.27 billion, a PE ratio of 229.78, a P/E/G ratio of 12.80 and a beta of 0.89. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The business has a 50 day moving average price of $49.50 and a two-hundred day moving average price of $53.14. 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 (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share 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 firm had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same quarter in the prior year, the business earned ($0.69) EPS. BlackLine’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the 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 transaction, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now owns 97,582 shares in the company, valued at $5,044,989.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value 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 disclosure for this sale can be found here. Insiders sold a total of 16,765 shares of company stock worth $851,418 in the last 90 days. 9.93% of the stock is owned by corporate insiders.

About BlackLine

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.