Thrivent Financial for Lutherans Has $2.06 Million Stake in BlackLine, Inc. (NASDAQ:BL)

Thrivent Financial for Lutherans lowered its position in BlackLine, Inc. (NASDAQ:BL) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,593 shares of the technology company’s stock after selling 1,524 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.07% of BlackLine worth $2,064,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. YHB Investment Advisors Inc. acquired a new stake in BlackLine during the 1st quarter valued at $33,000. EntryPoint Capital LLC bought a new position in shares of BlackLine in the first quarter valued at about $36,000. 1620 Investment Advisors Inc. acquired a new stake in shares of BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd boosted its holdings in shares of BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares during the period. Finally, Fifth Third Bancorp grew its stake in BlackLine by 13.0% in the 2nd 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. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CRO Mark Woodhams sold 1,387 shares of the business’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 sale, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Partin sold 85,308 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. The disclosure for this sale can be found here. Insiders have sold 117,721 shares of company stock valued at $6,379,052 over the last ninety days. 9.93% of the stock is owned by corporate insiders.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $54.13 on Wednesday. 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 stock has a market capitalization of $3.35 billion, a PE ratio of 235.35, a PEG ratio of 12.80 and a beta of 0.89. The firm has a 50 day moving average of $49.67 and a 200-day moving average of $52.85. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping 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 firm had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same period in the prior year, the company earned ($0.69) earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities research analysts predict that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BL shares. JPMorgan Chase & Co. reduced their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Robert W. Baird decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $70.00 in a research report on Monday. 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 report on Wednesday, August 7th. Finally, Citigroup lowered their price target 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine presently has an average rating of “Hold” and a consensus target price of $59.90.

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.