Pictet Asset Management SA Raises Stock Position in BlackLine, Inc. (NASDAQ:BL)

Pictet Asset Management SA lifted its position in BlackLine, Inc. (NASDAQ:BLGet Rating) by 10.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,732 shares of the technology company’s stock after buying an additional 347 shares during the period. Pictet Asset Management SA’s holdings in BlackLine were worth $249,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BL. Quadrant Capital Group LLC grew its position in shares of BlackLine by 3,036.4% in the 1st quarter. Quadrant Capital Group LLC now owns 345 shares of the technology company’s stock worth $25,000 after buying an additional 334 shares during the last quarter. San Luis Wealth Advisors LLC purchased a new stake in BlackLine during the 1st quarter worth approximately $25,000. Ellevest Inc. grew its position in BlackLine by 458.5% during the 2nd quarter. Ellevest Inc. now owns 754 shares of the technology company’s stock worth $50,000 after purchasing an additional 619 shares during the last quarter. Benjamin Edwards Inc. grew its position in BlackLine by 9,762.5% during the 1st quarter. Benjamin Edwards Inc. now owns 789 shares of the technology company’s stock worth $58,000 after purchasing an additional 781 shares during the last quarter. Finally, Castle Wealth Management LLC purchased a new stake in BlackLine during the 2nd quarter worth approximately $72,000.

Insiders Place Their Bets

In other BlackLine news, Director Thomas Unterman sold 500 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $57.12, for a total transaction of $28,560.00. Following the completion of the transaction, the director now directly owns 51,805 shares in the company, valued at $2,959,101.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Peter Hirsch sold 1,997 shares of the company’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $59.75, for a total transaction of $119,320.75. Following the completion of the sale, the chief technology officer now owns 30,463 shares of the company’s stock, valued at $1,820,164.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas Unterman sold 500 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $57.12, for a total transaction of $28,560.00. Following the sale, the director now directly owns 51,805 shares of the company’s stock, valued at approximately $2,959,101.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,453 shares of company stock worth $436,861. Company insiders own 9.71% of the company’s stock.

Analysts Set New Price Targets

BL has been the topic of several research analyst reports. Robert W. Baird dropped their target price on shares of BlackLine from $95.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, November 4th. Citigroup dropped their price objective on shares of BlackLine from $73.00 to $65.00 in a report on Friday, October 21st. JMP Securities dropped their price objective on shares of BlackLine from $112.00 to $87.00 and set a “market outperform” rating on the stock in a report on Tuesday, October 18th. Berenberg Bank downgraded shares of BlackLine from a “buy” rating to a “hold” rating and set a $60.00 price objective on the stock. in a report on Wednesday, October 19th. Finally, Piper Sandler dropped their price objective on shares of BlackLine from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Thursday, October 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $71.25.

BlackLine Stock Performance

BL opened at $63.14 on Thursday. The company has a debt-to-equity ratio of 17.76, a current ratio of 3.74 and a quick ratio of 3.74. The firm has a fifty day moving average price of $59.78 and a 200 day moving average price of $65.35. The stock has a market cap of $3.77 billion, a P/E ratio of -47.83 and a beta of 0.76. BlackLine, Inc. has a 1 year low of $48.73 and a 1 year high of $114.27.

BlackLine (NASDAQ:BLGet Rating) last posted its quarterly earnings data on Thursday, November 3rd. The technology company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.12. The company had revenue of $134.27 million during the quarter, compared to analysts’ expectations of $133.73 million. BlackLine had a negative net margin of 15.59% and a negative return on equity of 35.49%. Equities research analysts anticipate that BlackLine, Inc. will post -0.62 earnings per share for the current year.

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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