Sanctuary Advisors LLC Invests $220,000 in BlackLine, Inc. (NASDAQ:BL)

Sanctuary Advisors LLC purchased a new stake in BlackLine, Inc. (NASDAQ:BL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,541 shares of the technology company’s stock, valued at approximately $220,000.

A number of other institutional investors also recently modified their holdings of BL. Quarry LP purchased a new stake in BlackLine during the 2nd quarter worth about $32,000. EntryPoint Capital LLC purchased a new stake in shares of BlackLine in the first quarter worth about $36,000. 1620 Investment Advisors Inc. bought a new position in shares of BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd boosted its position in shares of BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after acquiring an additional 340 shares during the period. Finally, Fifth Third Bancorp grew its stake in 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 acquiring an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BL has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Truist Financial decreased their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. JMP Securities reiterated a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. cut 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $59.90.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of the firm’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 transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 123,794 shares of company stock worth $6,713,879 over the last three months. Company insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

NASDAQ:BL opened at $58.93 on Monday. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 256.22, a PEG ratio of 13.57 and a beta of 0.90. The business has a 50 day moving average of $52.04 and a 200 day moving average of $52.07. 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, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data 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 firm had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. During the same period in the previous year, the business posted ($0.69) EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that BlackLine, Inc. will post 0.96 earnings per share for the current fiscal year.

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.