Envestnet Asset Management Inc. trimmed its holdings in BlackLine, Inc. (NASDAQ:BL – Free Report) by 3.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 249,441 shares of the technology company’s stock after selling 7,781 shares during the quarter. Envestnet Asset Management Inc. owned 0.41% of BlackLine worth $16,750,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Barrett & Company Inc. purchased a new stake in shares of BlackLine during the 1st quarter worth about $67,000. Rhumbline Advisers grew its position in shares of BlackLine by 0.8% during the 1st quarter. Rhumbline Advisers now owns 78,779 shares of the technology company’s stock valued at $5,290,000 after acquiring an additional 647 shares during the period. First Growth Investment Manager LP grew its position in shares of BlackLine by 10.6% during the 1st quarter. First Growth Investment Manager LP now owns 78,500 shares of the technology company’s stock valued at $5,271,000 after acquiring an additional 7,500 shares during the period. Icon Wealth Partners LLC acquired a new stake in shares of BlackLine during the 1st quarter valued at about $483,000. Finally, Atria Investments Inc grew its position in shares of BlackLine by 18.6% during the 1st quarter. Atria Investments Inc now owns 31,969 shares of the technology company’s stock valued at $2,147,000 after acquiring an additional 5,014 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on BL. JMP Securities dropped their target price on BlackLine from $87.00 to $81.00 and set a “market outperform” rating on the stock in a research report on Wednesday, August 9th. JPMorgan Chase & Co. lowered their price objective on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 9th. Citigroup lowered their price objective on BlackLine from $63.00 to $57.00 and set a “neutral” rating on the stock in a report on Thursday, August 10th. StockNews.com began coverage on BlackLine in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, BTIG Research lowered their price objective on BlackLine from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $61.33.
BlackLine Trading Down 2.8 %
BL opened at $58.36 on Friday. The company has a debt-to-equity ratio of 7.87, a current ratio of 3.62 and a quick ratio of 3.62. The company’s 50 day simple moving average is $54.54 and its two-hundred day simple moving average is $57.87. BlackLine, Inc. has a 1-year low of $48.22 and a 1-year high of $77.90. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of -75.79, a price-to-earnings-growth ratio of 3.28 and a beta of 0.86.
BlackLine (NASDAQ:BL – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The technology company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.68). The firm had revenue of $144.57 million for the quarter, compared to analysts’ expectations of $143.86 million. BlackLine had a negative net margin of 9.25% and a negative return on equity of 37.62%. Analysts expect that BlackLine, Inc. will post 0.38 EPS for the current fiscal year.
In other news, Director Thomas Unterman sold 750 shares of BlackLine stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $45,000.00. Following the sale, the director now owns 54,470 shares of the company’s stock, valued at approximately $3,268,200. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other BlackLine news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now owns 54,470 shares of the company’s stock, valued at $3,268,200. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 558 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $52.00, for a total value of $29,016.00. Following the completion of the sale, the executive now directly owns 94,083 shares in the company, valued at approximately $4,892,316. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.
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 high volumes of individual transactions; and task management to create and manage processes and task lists.
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