State of New Jersey Common Pension Fund D Sells 10,987 Shares of BlackLine, Inc. (NASDAQ:BL)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 22.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,065 shares of the technology company’s stock after selling 10,987 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of BlackLine worth $1,844,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quadrature Capital Ltd increased its holdings in BlackLine by 346.5% during the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 24,713 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of BlackLine in the 1st quarter valued at $1,572,000. Comerica Bank increased its stake in shares of BlackLine by 11.8% in the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after buying an additional 13,066 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of BlackLine in the 1st quarter valued at $2,000,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine in the 1st quarter valued at $907,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at BlackLine

In related news, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. The sale was disclosed in a filing with the SEC, which is available at this link. In other BlackLine news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total transaction of $279,709.78. Following the completion of the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,765 shares of company stock worth $851,418. Company insiders own 9.93% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Truist Financial lowered their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. Robert W. Baird reduced their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced 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. Finally, Citigroup reduced their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Two equities 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.com, BlackLine presently has an average rating of “Hold” and an average price target of $58.78.

BlackLine Price Performance

Shares of NASDAQ BL opened at $51.24 on Tuesday. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The business’s 50 day moving average price is $49.17 and its two-hundred day moving average price is $53.38. 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 company has a market cap of $3.17 billion, a PE ratio of 222.78, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating 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 company had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same quarter in the prior year, the business earned ($0.69) earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts predict 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.