ClariVest Asset Management LLC Purchases 17,920 Shares of BlackLine, Inc. (NASDAQ:BL)

ClariVest Asset Management LLC lifted its position in BlackLine, Inc. (NASDAQ:BL) by 318.2% during the second quarter, Holdings Channel reports. The institutional investor owned 23,552 shares of the technology company’s stock after buying an additional 17,920 shares during the quarter. ClariVest Asset Management LLC’s holdings in BlackLine were worth $1,141,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Quadrature Capital Ltd boosted its stake in BlackLine by 346.5% in the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after acquiring an additional 24,713 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of BlackLine during the 1st quarter valued at $1,572,000. Comerica Bank boosted its position in shares of BlackLine by 11.8% in the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after purchasing an additional 13,066 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in BlackLine during the 1st quarter worth $2,000,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in BlackLine during the 1st quarter valued at about $907,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

NASDAQ BL opened at $48.88 on Thursday. The firm has a market capitalization of $3.04 billion, a P/E ratio of 212.52, a PEG ratio of 11.97 and a beta of 0.89. The stock has a 50-day simple moving average of $48.70 and a two-hundred day simple moving average of $54.02. 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, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The company had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same period last year, the business earned ($0.69) earnings per share. BlackLine’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities analysts forecast that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insider Activity at BlackLine

In other news, Director Barbara Whye sold 5,378 shares of the stock in a transaction dated Tuesday, August 13th. The shares were 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 of the company’s stock, valued at approximately $352,471.77. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction 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 completion of the sale, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The disclosure for this sale can be found here. Insiders sold a total of 16,765 shares of company stock worth $851,418 in the last three months. Company insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Piper Sandler lowered their price target on BlackLine from $55.00 to $51.00 and set a “neutral” 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. Truist Financial cut their price target 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. Citigroup lowered their price objective on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Finally, BTIG Research cut their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.78.

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.