Mutual of America Capital Management LLC Sells 1,459 Shares of BlackLine, Inc. (NASDAQ:BL)

Mutual of America Capital Management LLC cut its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,590 shares of the technology company’s stock after selling 1,459 shares during the quarter. Mutual of America Capital Management LLC owned 0.06% of BlackLine worth $1,676,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BL. YHB Investment Advisors Inc. bought a new position in BlackLine during the 1st quarter worth $33,000. EntryPoint Capital LLC acquired a new position in BlackLine in the first quarter valued at about $36,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine during the second quarter worth about $64,000. Covestor Ltd grew its stake in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in BlackLine by 13.0% in 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 during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on BL. Robert W. Baird reduced their price target 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. Truist Financial decreased their price target on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Piper Sandler dropped their target price on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $58.78.

BlackLine Stock Performance

BlackLine stock opened at $50.47 on Thursday. The business has a 50 day moving average of $49.27 and a 200-day moving average of $53.25. The company has a market capitalization of $3.14 billion, a P/E ratio of 219.43, a P/E/G ratio of 12.80 and a beta of 0.89. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The firm had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.69) EPS. On average, equities research analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated 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 owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CRO Mark Woodhams sold 1,387 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the transaction, the executive now owns 97,582 shares in the company, valued at $5,044,989.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the insider now owns 115,424 shares of the company’s stock, valued at $5,771,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,765 shares of company stock valued at $851,418. 9.93% of the stock is currently owned by company insiders.

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.