Headlands Technologies LLC Buys 6,053 Shares of BlackLine, Inc. (NASDAQ:BL)

Headlands Technologies LLC boosted its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 420.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,492 shares of the technology company’s stock after purchasing an additional 6,053 shares during the period. Headlands Technologies LLC’s holdings in BlackLine were worth $484,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BL. CWM LLC increased its holdings in BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after buying an additional 220 shares during the last quarter. YHB Investment Advisors Inc. purchased a new stake in BlackLine during the first quarter valued at approximately $33,000. CVA Family Office LLC purchased a new stake in BlackLine during the fourth quarter valued at approximately $38,000. OLD National Bancorp IN purchased a new stake in BlackLine during the fourth quarter valued at approximately $202,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in BlackLine by 513.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,354 shares of the technology company’s stock valued at $209,000 after buying an additional 2,807 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling at BlackLine

In other BlackLine news, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction on Friday, May 31st. The stock was acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the transaction, the insider now directly owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total value of $2,369,000.00. Following the completion of the sale, the chief financial officer now owns 229,341 shares in the company, valued at approximately $10,866,176.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jimmy C. Duan bought 2,000 shares of the stock in a transaction dated Friday, May 31st. The stock was purchased at an average price of $47.73 per share, with a total value of $95,460.00. Following the acquisition, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The disclosure for this purchase can be found here. 9.93% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on BL shares. Wolfe Research began coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. Citigroup reduced their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Robert W. Baird increased their price objective on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. BMO Capital Markets increased their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 8th. Finally, Piper Sandler reduced their price objective on shares of BlackLine from $62.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $62.78.

BlackLine Price Performance

BL traded up $0.48 during trading on Tuesday, hitting $48.71. 416,603 shares of the company traded hands, compared to its average volume of 978,056. The company has a market cap of $3.01 billion, a PE ratio of 209.70, a P/E/G ratio of 5.53 and a beta of 0.86. The stock’s 50-day simple moving average is $49.78 and its two-hundred day simple moving average is $56.96. BlackLine, Inc. has a 1 year low of $43.79 and a 1 year high of $69.31. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.22 by $0.10. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The business had revenue of $157.46 million during the quarter, compared to analyst estimates of $155.05 million. As a group, sell-side analysts anticipate that BlackLine, Inc. will post 1.1 earnings per share for the current fiscal 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.