Kayne Anderson Rudnick Investment Management LLC Sells 165,743 Shares of BlackLine, Inc. (NASDAQ:BL)

Kayne Anderson Rudnick Investment Management LLC decreased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 9.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,683,120 shares of the technology company’s stock after selling 165,743 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 2.72% of BlackLine worth $81,547,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of BL. Vanguard Group Inc. grew its stake in BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the period. Hawk Ridge Capital Management LP boosted its holdings in shares of BlackLine by 85.4% during the 4th quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after buying an additional 336,298 shares in the last quarter. Norges Bank purchased a new stake in shares of BlackLine in the 4th quarter worth about $16,927,000. Principal Financial Group Inc. increased its stake in shares of BlackLine by 3,945.7% in the 1st quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock worth $17,168,000 after acquiring an additional 259,274 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after acquiring an additional 229,151 shares during the period. Institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

BL has been the topic of a number of recent research reports. Truist Financial cut their price objective on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird lowered their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 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, June 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $58.78.

BlackLine Trading Up 0.1 %

BlackLine stock opened at $51.98 on Friday. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The business’s fifty day moving average is $49.11 and its 200 day moving average is $53.57. The stock has a market capitalization of $3.21 billion, a PE ratio of 226.00, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The firm had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same quarter last year, the firm posted ($0.69) EPS. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts predict that BlackLine, Inc. will post 0.94 EPS for the current year.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Barbara Whye sold 5,378 shares of BlackLine stock in a transaction 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 transaction, the director now owns 6,777 shares in the company, valued at approximately $352,471.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,765 shares of company stock worth $851,418. 9.93% of the stock is owned by insiders.

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.