Insider Selling: BlackLine, Inc. (NASDAQ:BL) CRO Sells 1,387 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the transaction, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

BlackLine Stock Down 2.8 %

NASDAQ BL traded down $1.40 during midday trading on Thursday, hitting $49.50. 664,948 shares of the company traded hands, compared to its average volume of 968,042. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The company has a market cap of $3.06 billion, a PE ratio of 219.48, a price-to-earnings-growth ratio of 5.32 and a beta of 0.86. The company’s 50-day simple moving average is $47.92 and its 200-day simple moving average is $55.00. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31.

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 the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.69) EPS. As a group, equities research analysts forecast that BlackLine, Inc. will post 1.1 earnings per share for the current year.

Analyst Ratings Changes

BL has been the topic of several research analyst reports. Robert W. Baird lowered their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. BMO Capital Markets upped their price objective on BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a research report on Wednesday, May 8th. BTIG Research decreased their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler reduced their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and an average target price of $58.78.

Institutional Trading of BlackLine

A number of institutional investors have recently made changes to their positions in BL. Cetera Investment Advisers raised its stake in BlackLine by 5.6% in the 2nd quarter. Cetera Investment Advisers now owns 25,701 shares of the technology company’s stock worth $1,245,000 after acquiring an additional 1,357 shares during the last quarter. Quarry LP purchased a new position in shares of BlackLine during the 2nd quarter valued at about $32,000. Algert Global LLC purchased a new position in shares of BlackLine during the 2nd quarter valued at about $255,000. Clearline Capital LP purchased a new position in shares of BlackLine during the 2nd quarter valued at about $7,673,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in shares of BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after buying an additional 73,362 shares during the last quarter. Institutional investors and hedge funds 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.