Envestnet Asset Management Inc. Sells 20,598 Shares of BlackLine, Inc. (NASDAQ:BL)

Envestnet Asset Management Inc. decreased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 5.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 325,915 shares of the technology company’s stock after selling 20,598 shares during the period. Envestnet Asset Management Inc. owned 0.53% of BlackLine worth $15,791,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of BL. YHB Investment Advisors Inc. bought a new stake in shares of BlackLine during the first quarter valued at approximately $33,000. EntryPoint Capital LLC bought a new stake in shares of BlackLine during the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. bought a new stake in shares of BlackLine during the second quarter valued at approximately $64,000. Covestor Ltd raised its position in shares of BlackLine by 29.4% during 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 during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Truist Financial cut their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Citigroup cut their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Piper Sandler cut their target price 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 cut their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” 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 issued a buy rating to the company. Based on data from MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and a consensus target price of $58.78.

BlackLine Stock Down 0.3 %

Shares of BL opened at $51.11 on Wednesday. The firm has a market capitalization of $3.16 billion, a P/E ratio of 222.22, a P/E/G ratio of 12.21 and a beta of 0.89. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The firm has a fifty day moving average price of $49.22 and a 200-day moving average price of $53.27.

BlackLine (NASDAQ:BL) last issued its 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. The firm had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.69) earnings per share. Equities research analysts expect that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insider Activity

In related news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated 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 directly owns 115,424 shares in the company, valued at $5,771,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated 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 directly owns 115,424 shares in the company, valued at $5,771,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,765 shares of company stock valued at $851,418. 9.93% of the stock is currently 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.