State of New Jersey Common Pension Fund D Has $1.84 Million Stake in BlackLine, Inc. (NASDAQ:BL)

State of New Jersey Common Pension Fund D trimmed its stake in BlackLine, Inc. (NASDAQ:BL) by 22.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,065 shares of the technology company’s stock after selling 10,987 shares during the period. State of New Jersey Common Pension Fund D’s holdings in BlackLine were worth $1,844,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares during the period. Arizona State Retirement System grew its holdings 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 acquiring an additional 325 shares during the period. Covestor Ltd grew its holdings in BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after acquiring an additional 340 shares during the period. Whittier Trust Co. grew its holdings in BlackLine by 9.7% during the 1st quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock worth $303,000 after acquiring an additional 414 shares during the period. Finally, TFO Wealth Partners LLC grew its holdings in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after acquiring an additional 454 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Price Performance

Shares of NASDAQ BL opened at $51.24 on Tuesday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 222.78, a PEG ratio of 12.21 and a beta of 0.89. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm’s 50-day simple moving average is $49.17 and its 200 day simple moving average is $53.38.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $158.21 million. During the same quarter last year, the firm earned ($0.69) EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, research analysts anticipate that BlackLine, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the sale, the executive now owns 97,582 shares in the company, valued at $5,044,989.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,765 shares of company stock valued at $851,418. 9.93% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on BL shares. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. BTIG Research decreased their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a 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. Piper Sandler cut their price objective on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Two investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $58.78.

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.