BlackLine (NASDAQ:BL) Stake Raised by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of BlackLine (NASDAQ:BL) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,520 shares of the technology company’s stock after buying an additional 1,122 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in BlackLine were worth $703,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Topline Capital Management LLC bought a new stake in BlackLine during the fourth quarter worth approximately $60,572,000. Brown Advisory Inc. raised its holdings in BlackLine by 38.8% during the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company’s stock worth $47,602,000 after purchasing an additional 218,976 shares in the last quarter. Northern Trust Corp raised its holdings in BlackLine by 14.9% during the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company’s stock worth $45,290,000 after purchasing an additional 96,523 shares in the last quarter. Tensile Capital Management LP raised its holdings in BlackLine by 16.5% during the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company’s stock worth $45,023,000 after purchasing an additional 105,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in BlackLine by 8.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 721,831 shares of the technology company’s stock worth $43,858,000 after purchasing an additional 58,365 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

NASDAQ BL opened at $52.00 on Thursday. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market capitalization of $3.24 billion, a P/E ratio of 40.31, a P/E/G ratio of 8.99 and a beta of 0.91. The business’s fifty day moving average is $55.90 and its two-hundred day moving average is $53.10.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.01. BlackLine had a net margin of 13.05% and a return on equity of 15.98%. The firm had revenue of $172.03 million for the quarter, compared to analysts’ expectations of $170.87 million. During the same period in the previous year, the company posted $0.58 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts forecast that BlackLine will post 0.9 earnings per share for the current fiscal year.

Insider Activity at BlackLine

In other news, CAO Michelle D. Stalick sold 795 shares of the business’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total transaction of $43,836.30. Following the transaction, the chief accounting officer directly owned 25,235 shares in the company, valued at $1,391,457.90. The trade was a 3.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 1,856 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the transaction, the executive owned 61,390 shares in the company, valued at approximately $3,354,963.50. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BL. Truist Financial boosted their target price on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. BMO Capital Markets boosted their target price on BlackLine from $60.00 to $63.00 and gave the stock a “market perform” rating in a report on Wednesday. Raymond James Financial raised BlackLine from a “market perform” rating to an “outperform” rating and set a $67.00 target price on the stock in a report on Tuesday, July 29th. Cantor Fitzgerald started coverage on BlackLine in a report on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 target price on the stock. Finally, DA Davidson started coverage on BlackLine in a report on Wednesday. They issued a “neutral” rating and a $56.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $61.29.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.