First Trust Advisors LP decreased its holdings in BlackLine, Inc. (NASDAQ:BL – Get Rating) by 20.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 277,839 shares of the technology company’s stock after selling 69,463 shares during the quarter. First Trust Advisors LP’s holdings in BlackLine were worth $18,695,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Evermay Wealth Management LLC acquired a new position in shares of BlackLine in the 4th quarter worth $30,000. FNY Investment Advisers LLC acquired a new stake in BlackLine during the 4th quarter worth about $33,000. Benjamin Edwards Inc. boosted its holdings in shares of BlackLine by 18.6% in the fourth quarter. Benjamin Edwards Inc. now owns 1,207 shares of the technology company’s stock worth $81,000 after buying an additional 189 shares during the period. Assetmark Inc. boosted its holdings in shares of BlackLine by 66.0% in the third quarter. Assetmark Inc. now owns 1,853 shares of the technology company’s stock worth $111,000 after buying an additional 737 shares during the period. Finally, Dupont Capital Management Corp acquired a new stake in shares of BlackLine during the fourth quarter valued at approximately $118,000. Institutional investors own 99.96% of the company’s stock.
Analyst Ratings Changes
BL has been the subject of a number of research reports. Citigroup upgraded BlackLine from a “sell” rating to a “neutral” rating in a research report on Monday, May 8th. StockNews.com initiated coverage on shares of BlackLine in a report on Thursday. They set a “hold” rating on the stock. Piper Sandler cut their price objective on BlackLine from $64.00 to $55.00 in a report on Friday, May 5th. Truist Financial lowered their target price on BlackLine from $65.00 to $60.00 in a research note on Monday, May 8th. Finally, Robert W. Baird lowered their price target on BlackLine from $82.00 to $64.00 in a research note on Friday, May 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $63.90.
BlackLine Price Performance
BlackLine (NASDAQ:BL – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The company had revenue of $138.98 million during the quarter, compared to analysts’ expectations of $137.91 million. BlackLine had a negative net margin of 5.79% and a negative return on equity of 10.19%. On average, sell-side analysts expect that BlackLine, Inc. will post 0.08 earnings per share for the current year.
In other news, CEO Marc Huffman sold 19,650 shares of the company’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $70.85, for a total transaction of $1,392,202.50. Following the completion of the transaction, the chief executive officer now owns 304,516 shares of the company’s stock, valued at $21,574,958.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Marc Huffman sold 19,650 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $70.85, for a total transaction of $1,392,202.50. Following the sale, the chief executive officer now directly owns 304,516 shares in the company, valued at $21,574,958.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas Unterman sold 448 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $68.31, for a total value of $30,602.88. Following the completion of the transaction, the director now owns 52,583 shares of the company’s stock, valued at $3,591,944.73. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,525 shares of company stock valued at $5,255,421. 9.93% of the stock is owned by company insiders.
BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.
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