Oppenheimer Asset Management Inc. Has $4.18 Million Position in BlackLine, Inc. (NASDAQ:BL)

Oppenheimer Asset Management Inc. trimmed its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,223 shares of the technology company’s stock after selling 2,025 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.14% of BlackLine worth $4,178,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. YHB Investment Advisors Inc. bought a new stake in BlackLine in the 1st quarter valued at $33,000. EntryPoint Capital LLC acquired a new stake in BlackLine in the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the 2nd quarter valued at about $64,000. Covestor Ltd grew its position in shares of BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on BL. Piper Sandler cut their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Truist Financial cut their price objective on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Citigroup cut their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Finally, BTIG Research decreased their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two 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 stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.78.

BlackLine Stock Up 0.1 %

BlackLine stock opened at $50.06 on Tuesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 217.65, a PEG ratio of 12.21 and a beta of 0.89. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a 50 day moving average price of $48.79 and a two-hundred day moving average price of $53.81.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating 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 business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same quarter in the previous year, the business earned ($0.69) earnings per share. BlackLine’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities analysts predict that BlackLine, Inc. will post 0.94 EPS for the current year.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the transaction, the insider now owns 115,424 shares in the company, valued at $5,771,200. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares in the company, valued at approximately $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the transaction, the director now directly owns 6,777 shares of the company’s stock, valued at $352,471.77. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,765 shares of company stock worth $851,418. 9.93% of the stock is owned by corporate insiders.

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.