Teachers Retirement System of The State of Kentucky Acquires 5,563 Shares of BlackLine, Inc. (NASDAQ:BL)

Teachers Retirement System of The State of Kentucky increased its holdings in BlackLine, Inc. (NASDAQ:BL) by 39.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,600 shares of the technology company’s stock after purchasing an additional 5,563 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in BlackLine were worth $949,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. YHB Investment Advisors Inc. bought a new position in shares of BlackLine during the first quarter valued at $33,000. EntryPoint Capital LLC acquired a new position in BlackLine in the first quarter valued at about $36,000. Quarry LP acquired a new position in BlackLine in the second quarter valued at about $32,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine during the second quarter worth about $64,000. Finally, Covestor Ltd increased its holdings in shares of BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $70.00 in a report on Monday, September 30th. Robert W. Baird lowered their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. BTIG Research reduced their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $59.90.

BlackLine Stock Performance

Shares of NASDAQ:BL opened at $54.51 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The stock has a market capitalization of $3.37 billion, a P/E ratio of 237.00, a P/E/G ratio of 12.80 and a beta of 0.90. The business has a 50-day moving average price of $50.21 and a two-hundred day moving average price of $52.64.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping 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 business had revenue of $160.51 million during the quarter, compared to the consensus estimate of $158.21 million. During the same period in the previous year, the firm posted ($0.69) earnings per share. BlackLine’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insider Transactions at BlackLine

In other news, insider Karole Morgan-Prager sold 5,773 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total transaction of $318,323.22. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,278,516.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Karole Morgan-Prager sold 5,773 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total value of $318,323.22. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,278,516.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Barbara Whye sold 5,378 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 123,494 shares of company stock worth $6,697,376 in the last three months. Insiders own 9.93% of the company’s stock.

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.