BlackLine, Inc. (NASDAQ:BL) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in BlackLine, Inc. (NASDAQ:BLGet Rating) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 279,317 shares of the technology company’s stock after buying an additional 5,867 shares during the quarter. Envestnet Asset Management Inc. owned 0.47% of BlackLine worth $20,452,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BL. Pinebridge Investments L.P. acquired a new position in BlackLine in the 4th quarter worth about $41,000. Maverick Capital Ltd. acquired a new position in BlackLine in the 4th quarter worth about $60,000. Confluence Wealth Services Inc. acquired a new position in BlackLine in the 4th quarter worth about $61,000. Mascoma Wealth Management LLC acquired a new position in BlackLine in the 1st quarter worth about $48,000. Finally, CWM LLC acquired a new position in BlackLine in the 4th quarter worth about $124,000.

BlackLine Price Performance

BL stock opened at $64.34 on Wednesday. The company has a debt-to-equity ratio of 20.88, a current ratio of 3.45 and a quick ratio of 3.45. The business has a 50 day simple moving average of $69.53 and a 200-day simple moving average of $71.91. The firm has a market capitalization of $3.82 billion, a PE ratio of -43.77 and a beta of 0.84. BlackLine, Inc. has a 1 year low of $49.66 and a 1 year high of $135.00.

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

Insider Activity

In related news, Director Thomas Unterman sold 500 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $73.70, for a total value of $36,850.00. Following the completion of the transaction, the director now directly owns 49,668 shares in the company, valued at $3,660,531.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CTO Peter Hirsch sold 2,592 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $71.77, for a total value of $186,027.84. Following the completion of the transaction, the chief technology officer now directly owns 38,391 shares in the company, valued at $2,755,322.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Unterman sold 500 shares of the stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $73.70, for a total value of $36,850.00. Following the completion of the transaction, the director now owns 49,668 shares of the company’s stock, valued at $3,660,531.60. The disclosure for this sale can be found here. Insiders sold 4,092 shares of company stock worth $287,268 over the last ninety days. Corporate insiders own 9.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Robert W. Baird reduced their price target on BlackLine from $105.00 to $95.00 in a report on Friday, May 6th. BTIG Research cut their price objective on BlackLine from $115.00 to $95.00 in a research note on Friday, May 6th. StockNews.com lowered BlackLine from a “hold” rating to a “sell” rating in a research note on Monday, May 23rd. Bank of America lowered BlackLine from a “neutral” rating to an “underperform” rating and cut their price objective 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. Finally, JPMorgan Chase & Co. cut their price objective on BlackLine from $75.00 to $70.00 in a research note on Friday, May 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $96.89.

About BlackLine

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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.

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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