State of Alaska Department of Revenue Sells 675 Shares of BlackLine, Inc. (NASDAQ:BL)

State of Alaska Department of Revenue lessened its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 2.2% during the 3rd quarter, Holdings Channel reports. The firm owned 29,449 shares of the technology company’s stock after selling 675 shares during the period. State of Alaska Department of Revenue’s holdings in BlackLine were worth $1,623,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BL. EntryPoint Capital LLC purchased a new stake in BlackLine in the 1st quarter worth $36,000. Quarry LP purchased a new stake in shares of BlackLine in the second quarter worth about $32,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine in the second quarter worth about $64,000. Covestor Ltd boosted its stake in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Trading Up 0.3 %

Shares of NASDAQ BL opened at $55.51 on Friday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two 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 company has a market cap of $3.45 billion, a price-to-earnings ratio of 61.68, a PEG ratio of 13.75 and a beta of 0.90. The business’s 50 day moving average price is $53.09 and its 200-day moving average price is $51.73.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.69) earnings per share. On average, sell-side analysts expect that BlackLine, Inc. will post 0.96 earnings per share for the current year.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares in the company, valued at $5,771,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,873 shares of company stock worth $8,340,243 in the last 90 days. 9.93% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BL. JPMorgan Chase & Co. upped their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $70.00 in a research report on Monday, September 30th. BTIG Research dropped their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird decreased their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price target on BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.20.

BlackLine Company 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.