Insider Selling: BlackLine, Inc. (NASDAQ:BL) CFO Sells 85,308 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares in the company, valued at $12,440,124.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Mark Partin also recently made the following trade(s):

• On Friday, September 27th, Mark Partin sold 5,648 shares of BlackLine stock. The stock was sold at an average price of $53.00, for a total value of $299,344.00.

BlackLine Price Performance

Shares of NASDAQ:BL traded down $1.01 during trading on Tuesday, hitting $54.13. 637,132 shares of the company were exchanged, compared to its average volume of 929,325. 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 1-year low of $43.37 and a 1-year high of $69.31. The company has a market capitalization of $3.35 billion, a P/E ratio of 235.35, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89. The business’s 50 day moving average is $49.67 and its 200-day moving average is $52.85.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) 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 business 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 firm earned ($0.69) EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities analysts forecast that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in BlackLine during the 2nd quarter worth about $32,000. YHB Investment Advisors Inc. bought a new stake in BlackLine in the first quarter valued at approximately $33,000. EntryPoint Capital LLC acquired a new stake in BlackLine during the 1st quarter valued at approximately $36,000. 1620 Investment Advisors Inc. bought a new position in BlackLine during the 2nd quarter worth approximately $64,000. Finally, Covestor Ltd lifted its position in shares of 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 purchasing an additional 340 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on BL shares. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $70.00 in a research report on Monday. Citigroup cut their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Robert W. Baird decreased their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a report on Monday, July 15th. Finally, BTIG Research reduced their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $59.90.

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.