BlackLine, Inc. (NASDAQ:BL) Position Lessened by Portside Wealth Group LLC

Portside Wealth Group LLC reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 4.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,145 shares of the technology company’s stock after selling 361 shares during the quarter. Portside Wealth Group LLC’s holdings in BlackLine were worth $395,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BL. CWM LLC grew its stake in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after purchasing an additional 220 shares in the last quarter. YHB Investment Advisors Inc. acquired a new position in BlackLine during the 1st quarter valued at about $33,000. EntryPoint Capital LLC bought a new position in shares of BlackLine in the first quarter valued at approximately $36,000. Covestor Ltd increased its stake in shares of BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after acquiring an additional 340 shares during the period. Finally, OLD National Bancorp IN bought a new stake in BlackLine during the fourth quarter worth approximately $202,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. William Blair raised shares of BlackLine to a “hold” rating in a research note on Tuesday, May 7th. BTIG Research reduced their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Truist Financial reduced 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. JMP Securities reiterated a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Finally, BMO Capital Markets raised their price target 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. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $58.78.

BlackLine Trading Down 0.4 %

NASDAQ:BL traded down $0.23 on Friday, reaching $51.56. The company’s stock had a trading volume of 506,976 shares, compared to its average volume of 971,204. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The business’s 50-day moving average price is $47.58 and its two-hundred day moving average price is $55.20. The firm has a market cap of $3.19 billion, a PE ratio of 224.17, a PEG ratio of 5.32 and a beta of 0.86. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 9.07% and a net margin of 2.30%. BlackLine’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.69) earnings per share. Equities research analysts anticipate that BlackLine, Inc. will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the transaction, the director now owns 6,777 shares in the company, valued at approximately $352,471.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 6,777 shares of the company’s stock, valued at $352,471.77. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,378 shares of company stock worth $3,148,710. Company insiders own 9.93% of the company’s stock.

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.