BlackLine, Inc. (NASDAQ:BL) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its position in shares of BlackLine, Inc. (NASDAQ:BL) by 2.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 545,893 shares of the technology company’s stock after selling 12,869 shares during the period. Fred Alger Management LLC’s holdings in BlackLine were worth $26,449,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Quadrature Capital Ltd increased its stake in BlackLine by 346.5% during the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 24,713 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of BlackLine in the 1st quarter valued at about $1,572,000. Comerica Bank grew its position in shares of BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after buying an additional 13,066 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of BlackLine during the 1st quarter valued at about $2,000,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in BlackLine during the first quarter worth about $907,000. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Performance

BL stock opened at $51.11 on Wednesday. The company has a 50-day simple moving average of $49.22 and a 200 day simple moving average of $53.27. The company has a market capitalization of $3.16 billion, a P/E ratio of 222.22, a PEG ratio of 12.21 and a beta of 0.89. 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 fifty-two week low of $43.37 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $158.21 million. During the same period last year, the firm posted ($0.69) earnings per share. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BL has been the subject of a number of research reports. BTIG Research decreased their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. JPMorgan Chase & Co. dropped their target price on 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 reduced their price target 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. Finally, Robert W. Baird dropped their price objective 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine presently has an average rating of “Hold” and a consensus target price of $58.78.

Insider Activity

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the business’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 sale, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction 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 directly owns 6,777 shares in the company, valued at approximately $352,471.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,765 shares of company stock worth $851,418. 9.93% of the stock is owned by company insiders.

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.