Pier Capital LLC Has $7.26 Million Holdings in BlackLine, Inc. (NASDAQ:BL)

Pier Capital LLC increased its holdings in BlackLine, Inc. (NASDAQ:BL) by 9.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,817 shares of the technology company’s stock after buying an additional 12,396 shares during the period. Pier Capital LLC owned 0.24% of BlackLine worth $7,259,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of BlackLine by 2.5% during the 4th quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock worth $118,624,000 after buying an additional 45,950 shares during the last quarter. Hawk Ridge Capital Management LP boosted its stake in BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after buying an additional 336,298 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in BlackLine by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 448,171 shares of the technology company’s stock valued at $27,984,000 after acquiring an additional 13,062 shares during the last quarter. Finally, Norges Bank acquired a new position in BlackLine during the fourth quarter worth about $16,927,000. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Performance

NASDAQ BL opened at $48.18 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The company has a fifty day simple moving average of $48.70 and a 200 day simple moving average of $54.08. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a market cap of $3.00 billion, a P/E ratio of 209.48, a PEG ratio of 11.97 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, 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 the consensus estimate of $158.21 million. During the same period in the previous year, the firm posted ($0.69) earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BL. Piper Sandler decreased their price target on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Truist Financial decreased their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. BTIG Research dropped their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Citigroup cut their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Finally, JPMorgan Chase & Co. lowered their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $58.78.

Insider Activity

In other 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 sale, the director now owns 6,777 shares in the company, valued at approximately $352,471.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Barbara Whye sold 5,378 shares of BlackLine 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 sale, the director now directly owns 6,777 shares in the company, valued at approximately $352,471.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares in the company, valued at $5,771,200. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock worth $851,418 over the last 90 days. 9.93% of the stock is currently owned by corporate insiders.

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.