272 Capital LP Takes $2.54 Million Position in BlackLine, Inc. (NASDAQ:BL)

272 Capital LP acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 52,330 shares of the technology company’s stock, valued at approximately $2,535,000. 272 Capital LP owned about 0.08% of BlackLine at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quadrature Capital Ltd raised its position in BlackLine by 346.5% in the first 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 during the period. Cetera Investment Advisers acquired a new position in BlackLine in the first quarter valued at about $1,572,000. Comerica Bank boosted its stake in BlackLine by 11.8% during the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $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 during the first quarter valued at about $2,000,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of BlackLine in the 1st quarter valued at approximately $907,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Performance

Shares of BlackLine stock opened at $51.24 on Tuesday. The business has a 50-day simple moving average of $49.17 and a 200-day simple moving average of $53.38. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a market cap of $3.17 billion, a PE ratio of 222.78, a P/E/G ratio of 12.21 and a beta of 0.89.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. 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 posted ($0.69) EPS. The firm’s revenue was up 11.0% on a year-over-year basis. On average, equities research analysts forecast that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Barbara Whye sold 5,378 shares of the company’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 transaction, the director now directly owns 6,777 shares of the company’s stock, valued at $352,471.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackLine news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the transaction, the director now owns 6,777 shares in the company, valued at $352,471.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. The disclosure for this sale can be found here. Insiders sold 16,765 shares of company stock valued at $851,418 in the last ninety days. Insiders own 9.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BL shares. BTIG Research lowered their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird cut their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Truist Financial lowered their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th. Finally, Piper Sandler cut their price target on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, BlackLine has an average rating of “Hold” and an average price target of $58.78.

BlackLine 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.