Kayne Anderson Rudnick Investment Management LLC Trims Holdings in BlackLine, Inc. (NASDAQ:BL)

Kayne Anderson Rudnick Investment Management LLC lowered its position in shares of BlackLine, Inc. (NASDAQ:BL) by 9.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,683,120 shares of the technology company’s stock after selling 165,743 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in BlackLine were worth $81,547,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BL. Fifth Third Bancorp boosted its stake in shares of BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after acquiring an additional 266 shares during the period. Arizona State Retirement System boosted its stake in BlackLine by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after purchasing an additional 325 shares during the period. Covestor Ltd grew its holdings in BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares in the last quarter. Whittier Trust Co. raised its position in shares of BlackLine by 9.7% during the first quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock valued at $303,000 after buying an additional 414 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its holdings in shares of BlackLine by 9,080.0% in the fourth quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock worth $312,000 after buying an additional 454 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Truist Financial cut their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird cut their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Piper Sandler decreased their target price on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.78.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other BlackLine 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 directly owns 6,777 shares in the company, valued at approximately $352,471.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine 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 sale, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock valued at $851,418 in the last ninety days. 9.93% of the stock is owned by company insiders.

BlackLine Stock Performance

NASDAQ BL opened at $51.98 on Friday. The business’s 50 day moving average price is $49.11 and its 200-day moving average price is $53.57. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market cap of $3.21 billion, a P/E ratio of 226.00, a P/E/G ratio of 12.21 and a beta of 0.89. 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 (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share 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 analysts’ expectations of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.69) earnings per share. Sell-side analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current year.

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.