Park Avenue Securities LLC Has $379,000 Stock Position in BlackLine, Inc. (NASDAQ:BL)

Park Avenue Securities LLC cut its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 16.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,869 shares of the technology company’s stock after selling 1,121 shares during the period. Park Avenue Securities LLC’s holdings in BlackLine were worth $379,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC increased its position in shares of BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after buying an additional 220 shares in the last quarter. CVA Family Office LLC bought a new position in shares of BlackLine during the 4th quarter valued at about $38,000. Federated Hermes Inc. grew its position in shares of BlackLine by 505.2% in the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after purchasing an additional 773 shares during the period. OLD National Bancorp IN bought a new stake in BlackLine during the 4th quarter worth approximately $202,000. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in BlackLine by 513.2% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,354 shares of the technology company’s stock valued at $209,000 after buying an additional 2,807 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BL shares. Robert W. Baird increased their price objective on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Wolfe Research assumed coverage on BlackLine in a report on Monday, March 18th. They issued a “peer perform” rating on the stock. William Blair upgraded BlackLine to a “hold” rating in a report on Tuesday, May 7th. Citigroup cut their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $63.56.

Insider Activity at BlackLine

In other news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total value of $2,369,000.00. Following the completion of the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at $10,866,176.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the transaction, the insider now owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total value of $2,369,000.00. Following the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at $10,866,176.58. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by company insiders.

BlackLine Price Performance

Shares of BL stock opened at $48.45 on Friday. BlackLine, Inc. has a twelve month low of $43.79 and a twelve month high of $69.31. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08. The business has a fifty day simple moving average of $52.36 and a 200 day simple moving average of $58.18. The company has a market cap of $3.00 billion, a P/E ratio of 210.65, a P/E/G ratio of 5.52 and a beta of 0.86.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.10. The company had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. On average, sell-side analysts forecast that BlackLine, Inc. will post 1.1 EPS for the current fiscal 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.