Bank of Montreal Can Increases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Bank of Montreal Can grew its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 28.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 183,201 shares of the technology company’s stock after acquiring an additional 40,523 shares during the quarter. Bank of Montreal Can’s holdings in BlackLine were worth $8,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Hawk Ridge Capital Management LP grew its holdings in shares of BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after purchasing an additional 336,298 shares in the last quarter. Norges Bank bought a new stake in BlackLine in the fourth quarter worth $16,927,000. Principal Financial Group Inc. raised its stake in BlackLine by 3,945.7% during the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after purchasing an additional 259,274 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in BlackLine by 65.4% during the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackLine news, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction on Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,022,732. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the 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 sale, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The disclosure for this sale can be found here. Insiders sold a total of 22,413 shares of company stock worth $1,150,762 over the last 90 days. Company insiders own 9.93% of the company’s stock.

BlackLine Price Performance

Shares of BL stock opened at $55.14 on Tuesday. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The stock has a fifty day simple moving average of $49.50 and a two-hundred day simple moving average of $52.93. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 239.74, a P/E/G ratio of 12.80 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $158.21 million. During the same quarter last year, the firm posted ($0.69) EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts predict that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BL. Piper Sandler decreased 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. cut their price objective on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. BTIG Research lowered their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Citigroup cut their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Finally, Robert W. Baird decreased their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” 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 four have given a buy rating to the company. According to data from MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and a consensus target price of $59.90.

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.