BlackLine, Inc. (NASDAQ:BL) CFO Mark Partin Sells 5,648 Shares

BlackLine, Inc. (NASDAQ:BL) CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

BlackLine Stock Performance

Shares of BL opened at $55.14 on Tuesday. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a fifty day moving average price of $49.50 and a 200-day moving average price of $52.93. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The firm has a market cap of $3.41 billion, a PE ratio of 239.74, a P/E/G ratio of 12.80 and a beta of 0.89.

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

Institutional Investors Weigh In On BlackLine

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd lifted its stake in shares of BlackLine by 346.5% in the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 24,713 shares during the period. Cetera Investment Advisers purchased a new position in BlackLine in the first quarter valued at $1,572,000. Comerica Bank raised its position in shares of BlackLine by 11.8% in the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after acquiring an additional 13,066 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of BlackLine during the 1st quarter worth about $2,000,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine during the 1st quarter valued at about $907,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BL has been the topic of a number of research analyst reports. Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $70.00 in a research note on Monday. Truist Financial decreased their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. JMP Securities reissued a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. decreased their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $59.90.

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.