BlackLine, Inc. (NASDAQ:BL) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,786 shares of the technology company’s stock after selling 483 shares during the period. PNC Financial Services Group Inc.’s holdings in BlackLine were worth $798,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC increased its position in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares during the period. CVA Family Office LLC purchased a new stake in shares of BlackLine during the fourth quarter worth $38,000. Federated Hermes Inc. increased its position in shares of BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after acquiring an additional 773 shares during the period. Operose Advisors LLC increased its position in shares of BlackLine by 291.2% during the third quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after acquiring an additional 728 shares during the period. Finally, OLD National Bancorp IN purchased a new stake in shares of BlackLine during the fourth quarter worth $202,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $47.52 on Tuesday. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08. The company has a market cap of $2.94 billion, a P/E ratio of 206.61, a PEG ratio of 5.17 and a beta of 0.86. BlackLine, Inc. has a 52 week low of $43.79 and a 52 week high of $69.31. The company has a 50-day moving average price of $53.23 and a 200 day moving average price of $58.53.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $155.05 million. Research analysts predict that BlackLine, Inc. will post 1.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BL has been the topic of several recent analyst reports. Piper Sandler raised BlackLine from an “underweight” rating to a “neutral” rating and increased their target price for the company from $55.00 to $62.00 in a report on Tuesday, April 23rd. Robert W. Baird increased their target price on BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Citigroup dropped their target price on BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Wolfe Research began coverage on BlackLine in a report on Monday, March 18th. They issued a “peer perform” rating on the stock. Finally, BMO Capital Markets upped their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine presently has an average rating of “Hold” and an average target price of $64.56.

Insiders Place Their Bets

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