Insider Selling: BlackLine, Inc. (NASDAQ:BL) CFO Sells 85,308 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Mark Partin also recently made the following trade(s):

• On Friday, September 27th, Mark Partin sold 5,648 shares of BlackLine stock. The shares were sold at an average price of $53.00, for a total value of $299,344.00.

BlackLine Trading Down 1.8 %

BL traded down $1.01 during mid-day trading on Tuesday, hitting $54.13. The stock had a trading volume of 637,132 shares, compared to its average volume of 929,325. The stock’s fifty day simple moving average is $49.67 and its 200-day simple moving average is $52.85. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 235.35, a price-to-earnings-growth ratio of 12.80 and a beta of 0.89. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. 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 (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.69) EPS. As a group, research analysts forecast that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On BlackLine

Institutional investors have recently modified their holdings of the business. Fifth Third Bancorp increased its holdings in BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. Arizona State Retirement System raised its position in BlackLine by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares during the last quarter. Covestor Ltd lifted its stake in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after acquiring an additional 340 shares in the last quarter. Whittier Trust Co. boosted its position in BlackLine by 9.7% during the 1st quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock worth $303,000 after acquiring an additional 414 shares during the last quarter. Finally, YHB Investment Advisors Inc. bought a new position in shares of BlackLine during the 1st quarter worth approximately $33,000. Institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the subject of several research reports. Piper Sandler lowered their price objective on shares of 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 for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup dropped their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Finally, BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $59.90.

About BlackLine

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.