State of New Jersey Common Pension Fund D Has $2.65 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

Posted by MarketBeat News on Aug 1st, 2022

State of New Jersey Common Pension Fund D raised its stake in BlackLine, Inc. (NASDAQ:BL – Get Rating) by 32.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,232 shares of the technology company’s stock after buying an additional 8,875 shares during the period. State of New Jersey Common Pension Fund D’s holdings in BlackLine were worth $2,653,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BL. Pinebridge Investments L.P. acquired a new position in shares of BlackLine during the fourth quarter worth $41,000. Maverick Capital Ltd. acquired a new position in shares of BlackLine during the fourth quarter worth $60,000. Confluence Wealth Services Inc. acquired a new position in shares of BlackLine during the fourth quarter worth $61,000. Mascoma Wealth Management LLC acquired a new position in shares of BlackLine during the first quarter worth $48,000. Finally, CWM LLC acquired a new position in shares of BlackLine during the fourth quarter worth $124,000.

Insider Transactions at BlackLine

In other news, Director Thomas Unterman sold 500 shares of the business’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $66.36, for a total transaction of $33,180.00. Following the completion of the sale, the director now directly owns 50,130 shares of the company’s stock, valued at $3,326,626.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Thomas Unterman sold 500 shares of the business’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $66.36, for a total transaction of $33,180.00. Following the completion of the sale, the director now directly owns 50,130 shares of the company’s stock, valued at $3,326,626.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Peter Hirsch sold 2,592 shares of the business’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $71.77, for a total transaction of $186,027.84. Following the transaction, the chief technology officer now owns 38,391 shares in the company, valued at $2,755,322.07. The disclosure for this sale can be found here. Insiders sold a total of 3,592 shares of company stock valued at $256,058 over the last three months. Corporate insiders own 9.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BL. JPMorgan Chase & Co. lowered their target price on shares of BlackLine from $75.00 to $70.00 in a research note on Friday, May 6th. JMP Securities lowered their target price on shares of BlackLine from $145.00 to $112.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 20th. BTIG Research lowered their target price on shares of BlackLine from $115.00 to $95.00 in a research note on Friday, May 6th. Robert W. Baird lowered their target price on shares of BlackLine from $105.00 to $95.00 in a research note on Friday, May 6th. Finally, Bank of America downgraded shares of BlackLine from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $75.00 to $64.00 in a research note on Monday, July 18th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus price target of $96.89.

BlackLine Trading Down 0.3 %

BL opened at $63.22 on Monday. BlackLine, Inc. has a 1-year low of $49.66 and a 1-year high of $135.00. The company has a current ratio of 3.45, a quick ratio of 3.45 and a debt-to-equity ratio of 20.88. The company has a market cap of $3.75 billion, a P/E ratio of -43.01 and a beta of 0.92. The company has a fifty day moving average price of $69.82 and a two-hundred day moving average price of $72.27.

BlackLine (NASDAQ:BL – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The technology company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.11. BlackLine had a negative net margin of 19.28% and a negative return on equity of 12.37%. The firm had revenue of $120.24 million during the quarter, compared to the consensus estimate of $119.57 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. Analysts predict that BlackLine, Inc. will post -0.86 EPS for the current fiscal year.

BlackLine Company Profile

(Get Rating)

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 high volumes of individual transactions; and task management to create and manage processes and task lists.