Insider Selling: BlackLine, Inc. (NASDAQ:BL) CRO Sells 2,877 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the transaction, the executive now directly owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

BlackLine Trading Up 3.0 %

Shares of BL stock traded up $1.75 during mid-day trading on Thursday, hitting $59.69. The company had a trading volume of 766,253 shares, compared to its average volume of 893,832. BlackLine, Inc. has a 52-week low of $47.26 and a 52-week high of $69.31. The stock’s 50 day moving average price is $62.20 and its 200-day moving average price is $59.44. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.28. The company had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. On average, equities research analysts anticipate that BlackLine, Inc. will post 1.02 EPS for the current year.

Analyst Ratings Changes

BL has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Wednesday, February 14th. The Goldman Sachs Group lifted their target price on shares of BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a report on Tuesday, January 23rd. Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. Robert W. Baird reduced their price target on shares of BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, Citigroup reduced their price target on shares of BlackLine from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $62.20.

Institutional Investors Weigh In On BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of BlackLine by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 6,738,189 shares of the technology company’s stock worth $420,733,000 after purchasing an additional 79,649 shares during the last quarter. Brown Advisory Inc. increased its position in BlackLine by 2.5% during the 4th quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock valued at $118,624,000 after purchasing an additional 45,950 shares during the period. Conestoga Capital Advisors LLC increased its position in BlackLine by 3.5% during the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock valued at $88,342,000 after purchasing an additional 47,420 shares during the period. Meritage Group LP purchased a new position in BlackLine during the 3rd quarter valued at about $59,530,000. Finally, Northern Trust Corp increased its position in BlackLine by 16.7% during the 3rd quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock valued at $43,671,000 after purchasing an additional 112,684 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.