Great West Life Assurance Co. Can Invests $4.68 Million in BlackLine, Inc. (NASDAQ:BL)

Great West Life Assurance Co. Can purchased a new position in BlackLine, Inc. (NASDAQ:BLGet Rating) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 78,078 shares of the technology company’s stock, valued at approximately $4,676,000.

A number of other institutional investors also recently made changes to their positions in BL. Clearlake Capital Group L.P. acquired a new position in shares of BlackLine in the second quarter worth $360,716,000. Price T Rowe Associates Inc. MD increased its stake in BlackLine by 275.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 715,319 shares of the technology company’s stock valued at $47,640,000 after purchasing an additional 524,773 shares during the last quarter. Bain Capital Public Equity Management II LLC acquired a new position in BlackLine in the second quarter valued at $28,466,000. Renaissance Technologies LLC acquired a new position in BlackLine in the first quarter valued at $14,271,000. Finally, Riverbridge Partners LLC increased its stake in BlackLine by 8.4% in the third quarter. Riverbridge Partners LLC now owns 2,149,250 shares of the technology company’s stock valued at $128,740,000 after purchasing an additional 166,594 shares during the last quarter. 99.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BL has been the subject of several analyst reports. JMP Securities dropped their target price on BlackLine from $112.00 to $87.00 and set a “market outperform” rating for the company in a research note on Tuesday, October 18th. Truist Financial decreased their target price on BlackLine from $70.00 to $55.00 in a research report on Monday, November 7th. Citigroup downgraded BlackLine from a “neutral” rating to a “sell” rating and increased their price target for the company from $58.00 to $63.00 in a report on Wednesday, January 18th. Robert W. Baird cut their price objective on BlackLine from $95.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, November 4th. Finally, The Goldman Sachs Group cut their price objective on BlackLine from $57.00 to $50.00 and set a “sell” rating on the stock in a research note on Friday, November 4th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $70.75.

Insider Buying and Selling at BlackLine

In other news, Director Thomas Unterman sold 500 shares of the firm’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 completion of the sale, the director now directly owns 51,805 shares of the company’s stock, valued at approximately $2,959,101.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Thomas Unterman sold 500 shares of the firm’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 completion of the sale, the director now directly owns 51,805 shares of the company’s stock, valued at approximately $2,959,101.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Peter Hirsch sold 1,997 shares of the firm’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $59.75, for a total value of $119,320.75. Following the sale, the chief technology officer now directly owns 30,463 shares of the company’s stock, valued at $1,820,164.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,453 shares of company stock valued at $440,251. 9.71% of the stock is owned by corporate insiders.

BlackLine Stock Performance

Shares of BL stock opened at $68.88 on Monday. BlackLine, Inc. has a 12-month low of $48.73 and a 12-month high of $93.11. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of -52.18 and a beta of 0.80. The business has a 50 day simple moving average of $66.53 and a 200 day simple moving average of $64.94. The company has a debt-to-equity ratio of 17.76, a current ratio of 3.74 and a quick ratio of 3.74.

BlackLine (NASDAQ:BLGet Rating) last issued its quarterly earnings results on Thursday, November 3rd. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.12. The firm had revenue of $134.27 million during the quarter, compared to analyst estimates of $133.73 million. BlackLine had a negative return on equity of 35.49% and a negative net margin of 15.59%. On average, equities research analysts anticipate that BlackLine, Inc. will post -0.62 EPS 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.

Further Reading

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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