BlackLine, Inc. (NASDAQ:BL) Shares Sold by Cim Investment Management Inc.

Cim Investment Management Inc. trimmed its stake in BlackLine, Inc. (NASDAQ:BL) by 14.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,503 shares of the technology company’s stock after selling 1,063 shares during the period. Cim Investment Management Inc.’s holdings in BlackLine were worth $315,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in BL. TFO Wealth Partners LLC boosted its holdings in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after acquiring an additional 454 shares during the period. YHB Investment Advisors Inc. acquired a new stake in shares of BlackLine during the first quarter worth about $33,000. EntryPoint Capital LLC purchased a new position in shares of BlackLine in the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine in the second quarter worth $64,000. Finally, Covestor Ltd grew its stake in BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Performance

NASDAQ BL opened at $52.85 on Friday. The company has a fifty day moving average of $49.50 and a two-hundred day moving average of $53.14. The company has a market capitalization of $3.27 billion, a PE ratio of 229.78, 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 earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 33.96% and a net margin of 19.46%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.69) EPS. As a group, analysts expect that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Insider Activity

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

Analyst Upgrades and Downgrades

BL has been the subject of several recent research reports. Truist Financial decreased their price objective on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Piper Sandler decreased their price target on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Robert W. Baird reduced their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, JMP Securities reiterated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $58.78.

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.