56,296 Shares in BlackLine, Inc. (NASDAQ:BL) Purchased by Bank of Montreal Can

Bank of Montreal Can bought a new position in shares of BlackLine, Inc. (NASDAQ:BL) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 56,296 shares of the technology company’s stock, valued at approximately $3,055,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in BlackLine by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 5,222,019 shares of the technology company’s stock valued at $312,798,000 after acquiring an additional 62,961 shares in the last quarter. Riverbridge Partners LLC increased its position in BlackLine by 2.9% in the 2nd quarter. Riverbridge Partners LLC now owns 2,107,046 shares of the technology company’s stock valued at $113,401,000 after acquiring an additional 58,688 shares in the last quarter. Brown Advisory Inc. increased its position in BlackLine by 5.4% in the 2nd quarter. Brown Advisory Inc. now owns 1,857,021 shares of the technology company’s stock valued at $99,945,000 after acquiring an additional 95,099 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in BlackLine by 40.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,296,306 shares of the technology company’s stock valued at $87,203,000 after acquiring an additional 374,813 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in BlackLine by 4.6% in the 1st quarter. Geode Capital Management LLC now owns 1,069,166 shares of the technology company’s stock valued at $71,795,000 after acquiring an additional 47,067 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BL shares. StockNews.com started coverage on shares of BlackLine in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. JMP Securities reduced their target price on shares of BlackLine from $87.00 to $81.00 and set a “market outperform” rating on the stock in a research note on Wednesday, August 9th. JPMorgan Chase & Co. reduced their target price on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 9th. BTIG Research reduced their price objective on shares of BlackLine from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, August 9th. Finally, Morgan Stanley started coverage on shares of BlackLine in a research note on Monday, September 18th. They set an “equal weight” rating on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine currently has an average rating of “Hold” and a consensus price target of $61.44.

Insider Activity

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 value of $45,000.00. Following the sale, the director now directly owns 54,470 shares in the company, valued at $3,268,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CRO Mark Woodhams sold 558 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $29,016.00. Following the transaction, the executive now directly owns 94,083 shares in the company, valued at $4,892,316. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the transaction, the director now owns 54,470 shares in the company, valued at $3,268,200. The disclosure for this sale can be found here. 9.93% of the stock is owned by corporate insiders.

BlackLine Stock Performance

Shares of BL stock opened at $53.79 on Tuesday. The company has a debt-to-equity ratio of 7.87, a quick ratio of 3.62 and a current ratio of 3.62. The company has a market capitalization of $3.28 billion, a P/E ratio of -69.86, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company’s 50 day moving average price is $54.33 and its two-hundred day moving average price is $54.03. BlackLine, Inc. has a 52 week low of $47.26 and a 52 week high of $77.90.

BlackLine (NASDAQ:BL) last announced its 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 company had revenue of $144.57 million for the quarter, compared to analyst estimates of $143.86 million. BlackLine had a negative return on equity of 37.62% and a negative net margin of 9.25%. On average, analysts expect that BlackLine, Inc. will post 0.39 earnings per share for the current fiscal 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 high volumes of individual transactions; and task management to create and manage processes and task lists.