44,507 Shares in BlackLine, Inc. (NASDAQ:BL) Acquired by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp purchased a new stake in shares of BlackLine, Inc. (NASDAQ:BL) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 44,507 shares of the technology company’s stock, valued at approximately $2,874,000. Texas Permanent School Fund Corp owned approximately 0.07% of BlackLine at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of BlackLine by 6.1% during the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock worth $369,349,000 after purchasing an additional 380,614 shares in the last quarter. Hawk Ridge Capital Management LP boosted its position in shares of BlackLine by 85.4% during the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after acquiring an additional 336,298 shares during the last quarter. Norges Bank purchased a new position in BlackLine during the fourth quarter valued at $16,927,000. Principal Financial Group Inc. increased its holdings in BlackLine by 3,945.7% in the 1st quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after acquiring an additional 259,274 shares during the last quarter. Finally, Stanley Laman Group Ltd. purchased a new stake in BlackLine in the 4th quarter worth $8,764,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

BL has been the subject of a number of research analyst reports. Citigroup cut their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. BMO Capital Markets raised their price target on BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a report on Wednesday, May 8th. Wolfe Research initiated coverage on shares of BlackLine in a research note on Monday, March 18th. They set a “peer perform” rating on the stock. Piper Sandler dropped 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. Finally, Robert W. Baird upped their target price on shares of BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $62.78.

Insider Buying and Selling

In other news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now owns 229,341 shares in the company, valued at $10,866,176.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other BlackLine news, CEO Owen Ryan bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the transaction, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at approximately $7,279,886.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Partin sold 50,000 shares of BlackLine 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 transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. 9.93% of the stock is owned by company insiders.

BlackLine Price Performance

BL opened at $47.99 on Monday. The firm has a market capitalization of $2.97 billion, a PE ratio of 208.65, a price-to-earnings-growth ratio of 5.53 and a beta of 0.86. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The business’s 50-day moving average is $50.03 and its two-hundred day moving average is $57.08. BlackLine, Inc. has a 1 year low of $43.79 and a 1 year high of $69.31.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share (EPS) 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 firm had revenue of $157.46 million for the quarter, compared to the consensus estimate of $155.05 million. Research analysts anticipate that BlackLine, Inc. will post 1.1 earnings per share for the current fiscal year.

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.