Cetera Investment Advisers Purchases 1,357 Shares of BlackLine, Inc. (NASDAQ:BL)

Cetera Investment Advisers lifted its position in shares of BlackLine, Inc. (NASDAQ:BL) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,701 shares of the technology company’s stock after purchasing an additional 1,357 shares during the period. Cetera Investment Advisers’ holdings in BlackLine were worth $1,245,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in BL. EntryPoint Capital LLC bought a new position in BlackLine in the 1st quarter valued at $36,000. Quarry LP purchased a new position in shares of BlackLine in the 2nd quarter worth about $32,000. 1620 Investment Advisors Inc. bought a new position in BlackLine during the second quarter valued at about $64,000. Covestor Ltd increased 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 buying an additional 340 shares during the last quarter. Finally, Fifth Third Bancorp raised 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 worth $112,000 after acquiring an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors.

BlackLine Trading Up 1.2 %

Shares of BL opened at $58.29 on Thursday. The business’s 50-day moving average price is $51.55 and its 200-day moving average price is $52.17. 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 twelve month low of $43.37 and a twelve month high of $69.31. The stock has a market cap of $3.60 billion, a PE ratio of 253.43, a P/E/G ratio of 13.57 and a beta of 0.90.

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, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.69) EPS. On average, equities analysts forecast that BlackLine, Inc. will post 0.96 EPS for the current fiscal year.

Insider Activity

In other BlackLine news, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the transaction, the director now owns 6,777 shares of the company’s stock, valued at $352,471.77. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CRO Mark Woodhams sold 1,387 shares of the firm’s 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 of the company’s stock, valued at approximately $5,044,989.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the sale, the director now directly owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 123,794 shares of company stock worth $6,713,879. 9.93% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BL has been the subject of a number of research reports. Citigroup reduced their target price 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. Piper Sandler reduced their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Truist Financial decreased their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus price target 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.