BlackLine, Inc. (NASDAQ:BL) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lessened its position in BlackLine, Inc. (NASDAQ:BL) by 59.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,734 shares of the technology company’s stock after selling 24,928 shares during the quarter. Edgestream Partners L.P.’s holdings in BlackLine were worth $811,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after buying an additional 642,772 shares during the period. Hawk Ridge Capital Management LP boosted 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 purchasing an additional 336,298 shares during the period. Dimensional Fund Advisors LP grew its stake in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Norges Bank acquired a new position in BlackLine during the 4th quarter worth $16,927,000. Finally, Principal Financial Group Inc. increased its holdings in BlackLine by 3,945.7% during the 1st quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock worth $17,168,000 after purchasing an additional 259,274 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analyst Ratings Changes

BL has been the subject of a number of analyst reports. Piper Sandler lowered their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird dropped their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Citigroup cut their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Finally, JPMorgan Chase & Co. lowered their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $58.78.

Insider Activity

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, 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 SEC, which is accessible through this link. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction 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 completion of the transaction, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine 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 completion of the sale, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,765 shares of company stock valued at $851,418. Insiders own 9.93% of the company’s stock.

BlackLine Trading Up 0.1 %

NASDAQ:BL opened at $51.98 on Friday. The company has a market capitalization of $3.21 billion, a PE ratio of 226.00, a P/E/G ratio of 12.21 and a beta of 0.89. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The stock’s 50 day moving average price is $49.11 and its 200 day moving average price is $53.57. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the firm posted ($0.69) earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, research 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.