Everence Capital Management Inc. Grows Stake in BlackLine, Inc. (NASDAQ:BL)

Everence Capital Management Inc. boosted its stake in BlackLine, Inc. (NASDAQ:BL) by 95.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 7,450 shares of the technology company’s stock after buying an additional 3,640 shares during the quarter. Everence Capital Management Inc.’s holdings in BlackLine were worth $411,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BL. Fifth Third Bancorp increased its position in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. Arizona State Retirement System boosted its stake in BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after purchasing an additional 325 shares during the last quarter. Covestor Ltd grew its holdings in shares of 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 in the last quarter. Whittier Trust Co. raised its position in shares of BlackLine by 9.7% in the first quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock valued at $303,000 after buying an additional 414 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of BlackLine in the first quarter worth about $36,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of recent research reports. Piper Sandler cut their price objective on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Truist Financial cut their price target on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock 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 report on Friday, June 28th. Finally, BTIG Research reduced their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $59.90.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the business’s 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 transaction, the director now owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,873 shares of company stock worth $8,340,243 over the last 90 days. Corporate insiders own 9.93% of the company’s stock.

BlackLine Stock Down 3.1 %

Shares of NASDAQ BL opened at $57.08 on Tuesday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The business’s 50 day moving average is $52.16 and its two-hundred day moving average is $52.04. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 248.17, a PEG ratio of 13.57 and a beta of 0.90. 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 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. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The firm had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same quarter in the prior year, the company earned ($0.69) EPS. BlackLine’s revenue was up 11.0% on a year-over-year basis. Research analysts predict that BlackLine, Inc. will post 0.96 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.