ProShare Advisors LLC Has $450,000 Holdings in BlackLine, Inc. (NASDAQ:BL)

ProShare Advisors LLC decreased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 22.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,281 shares of the technology company’s stock after selling 2,636 shares during the period. ProShare Advisors LLC’s holdings in BlackLine were worth $450,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the company. Quadrature Capital Ltd grew its position in BlackLine by 346.5% during the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock worth $2,055,000 after acquiring an additional 24,713 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of BlackLine during the first quarter valued at approximately $1,572,000. Comerica Bank raised its holdings in BlackLine by 11.8% during the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after buying an additional 13,066 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of BlackLine during the first quarter valued at about $2,000,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of BlackLine during the first quarter worth about $907,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

NASDAQ BL opened at $54.13 on Wednesday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market capitalization of $3.35 billion, a PE ratio of 235.35, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89. The business’s fifty day moving average is $49.67 and its 200 day moving average is $52.85. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $158.21 million. During the same period in the previous year, the business earned ($0.69) earnings per share. The firm’s revenue for the quarter 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 year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BL shares. JPMorgan Chase & Co. cut their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $70.00 in a report on Monday. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial reduced their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average price target of $59.90.

Insider Activity at BlackLine

In other BlackLine news, Director Barbara Whye sold 5,378 shares of the business’s 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 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 legal filing with the SEC, which can be accessed through the SEC website. In related news, CRO Mark Woodhams sold 1,387 shares of the business’s stock in a transaction that occurred 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 $5,044,989.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 117,721 shares of company stock worth $6,379,052. Company insiders own 9.93% of the company’s stock.

BlackLine 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.