BlackLine, Inc. (NASDAQ:BL) Shares Sold by Cim Investment Management Inc.

Cim Investment Management Inc. decreased its stake in BlackLine, Inc. (NASDAQ:BL) by 14.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,503 shares of the technology company’s stock after selling 1,063 shares during the period. Cim Investment Management Inc.’s holdings in BlackLine were worth $315,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TFO Wealth Partners LLC lifted its position in shares of BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after acquiring an additional 454 shares during the period. YHB Investment Advisors Inc. acquired a new position in BlackLine during the first quarter worth $33,000. EntryPoint Capital LLC purchased a new stake in BlackLine during the first quarter worth $36,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine in the second quarter valued at $64,000. Finally, Covestor Ltd increased its position in shares of BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

BL stock opened at $52.85 on Friday. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 229.78, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89. The stock’s fifty day simple moving average is $49.50 and its 200-day simple moving average is $53.14. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. 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 quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating 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 company had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same quarter in the previous year, the business earned ($0.69) EPS. The firm’s revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that BlackLine, Inc. will post 0.94 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BL. Citigroup decreased their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler cut their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a report on Monday, July 15th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $58.78.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Barbara Whye sold 5,378 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the completion of the sale, the director now owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 in the company, valued at $5,044,989.40. The disclosure for this sale can be found here. Over the last three months, insiders 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.