Scalar Gauge Management LLC Takes Position in BlackLine, Inc. (NASDAQ:BL)

Scalar Gauge Management LLC bought a new position in BlackLine, Inc. (NASDAQ:BL) during the second quarter, according to its most recent filing with the SEC. The firm bought 45,000 shares of the technology company’s stock, valued at approximately $2,180,000. BlackLine makes up 1.3% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 23rd largest holding. Scalar Gauge Management LLC owned approximately 0.07% of BlackLine at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. 272 Capital LP bought a new position in shares of BlackLine in the second quarter valued at approximately $2,535,000. Point72 DIFC Ltd purchased a new stake in shares of BlackLine during the 2nd quarter valued at $537,000. Bank of Montreal Can raised its stake in shares of BlackLine by 28.4% during the 2nd quarter. Bank of Montreal Can now owns 183,201 shares of the technology company’s stock worth $8,882,000 after purchasing an additional 40,523 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of BlackLine by 8.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 112,872 shares of the technology company’s stock worth $5,469,000 after buying an additional 8,642 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in BlackLine by 8.0% during the second quarter. Sei Investments Co. now owns 185,444 shares of the technology company’s stock worth $8,985,000 after buying an additional 13,692 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on BL. Piper Sandler decreased their target price on BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Truist Financial lowered their price target on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Citigroup cut their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. JPMorgan Chase & Co. reduced their price target on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. Finally, JMP Securities restated a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.78.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the 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 $5,771,200. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other BlackLine news, Director Barbara Whye sold 5,378 shares of BlackLine stock in a transaction 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 owns 6,777 shares in the company, valued at $352,471.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the 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 sale, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock worth $851,418 over the last 90 days. 9.93% of the stock is owned by company insiders.

BlackLine Trading Down 1.4 %

Shares of BL opened at $51.24 on Tuesday. The stock has a market capitalization of $3.17 billion, a P/E ratio of 222.78, a PEG ratio of 12.21 and a beta of 0.89. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. The firm has a fifty day simple moving average of $49.17 and a two-hundred day simple moving average of $53.38.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $158.21 million. During the same period last year, the firm earned ($0.69) earnings per share. BlackLine’s quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts anticipate that BlackLine, Inc. will post 0.94 EPS for the current 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.