Victory Capital Management Inc. Sells 394 Shares of BlackLine, Inc. (NASDAQ:BL)

Victory Capital Management Inc. reduced its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,857 shares of the technology company’s stock after selling 394 shares during the quarter. Victory Capital Management Inc.’s holdings in BlackLine were worth $768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after acquiring an additional 642,772 shares during the period. Hawk Ridge Capital Management LP lifted its holdings in BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after acquiring an additional 336,298 shares during the period. Norges Bank bought a new position in BlackLine in the fourth quarter valued at about $16,927,000. Principal Financial Group Inc. lifted its holdings in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after acquiring an additional 259,274 shares during the period. Finally, Rhumbline Advisers lifted its holdings in BlackLine by 2.5% in the second quarter. Rhumbline Advisers now owns 156,432 shares of the technology company’s stock valued at $7,579,000 after acquiring an additional 3,857 shares during the period. 95.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BL has been the topic of several recent research reports. BTIG Research decreased 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. JMP Securities reaffirmed a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. 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 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. Finally, Piper Sandler decreased their target price on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus price target of $58.78.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction on 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 approximately $5,771,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the sale, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,765 shares of company stock worth $851,418. 9.93% of the stock is currently owned by company insiders.

BlackLine Price Performance

BL opened at $51.98 on Friday. The business has a fifty day moving average of $49.11 and a 200 day moving average of $53.57. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. The stock has a market cap of $3.21 billion, a P/E ratio of 226.00, a PEG ratio of 12.21 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data 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. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The company had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same quarter in the previous year, the business earned ($0.69) EPS. BlackLine’s revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that BlackLine, Inc. will post 0.94 EPS for the current 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.