BlackLine (NASDAQ:BL) Shares Sold by US Bancorp DE

US Bancorp DE lessened its holdings in shares of BlackLine (NASDAQ:BL) by 17.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,607 shares of the technology company’s stock after selling 2,170 shares during the period. US Bancorp DE’s holdings in BlackLine were worth $514,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Topline Capital Management LLC acquired a new position in BlackLine during the fourth quarter worth $60,572,000. Brown Advisory Inc. grew its holdings in BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company’s stock valued at $47,602,000 after purchasing an additional 218,976 shares during the last quarter. Northern Trust Corp grew its holdings in BlackLine by 14.9% in the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company’s stock valued at $45,290,000 after purchasing an additional 96,523 shares during the last quarter. Tensile Capital Management LP grew its holdings in BlackLine by 16.5% in the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company’s stock valued at $45,023,000 after purchasing an additional 105,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in BlackLine by 8.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 721,831 shares of the technology company’s stock valued at $43,858,000 after purchasing an additional 58,365 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Activity at BlackLine

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

Analyst Ratings Changes

Several analysts have weighed in on the company. 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. DA Davidson lowered BlackLine from a “strong-buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a research note on Wednesday, August 6th. The Goldman Sachs Group decreased their price objective on BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, April 17th. BMO Capital Markets increased their price objective on BlackLine from $60.00 to $63.00 and gave the company a “market perform” rating in a research note on Wednesday, August 6th. Finally, Morgan Stanley increased their price objective on BlackLine from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, BlackLine presently has an average rating of “Hold” and an average price target of $61.08.

BlackLine Stock Performance

BlackLine stock opened at $48.00 on Tuesday. The stock’s 50 day moving average price is $55.51 and its 200 day moving average price is $52.76. The firm has a market capitalization of $2.97 billion, a PE ratio of 37.21, a price-to-earnings-growth ratio of 6.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.64 and a current ratio of 1.64. BlackLine has a one year low of $40.82 and a one year high of $66.25.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. BlackLine had a return on equity of 15.95% and a net margin of 13.05%. The company had revenue of $172.03 million for the quarter, compared to the consensus estimate of $170.87 million. During the same period in the previous year, the business earned $0.58 EPS. BlackLine’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, sell-side analysts expect that BlackLine will post 0.9 EPS for the current fiscal year.

BlackLine Profile

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.