C M Bidwell & Associates Ltd. Purchases New Stake in BlackLine, Inc. (NASDAQ:BL)

C M Bidwell & Associates Ltd. acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 520 shares of the technology company’s stock, valued at approximately $35,000.

Several other hedge funds have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of BlackLine by 79.5% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 508 shares of the technology company’s stock worth $33,000 after buying an additional 225 shares during the last quarter. Barrett & Company Inc. acquired a new position in BlackLine during the first quarter worth about $67,000. HighMark Wealth Management LLC bought a new position in shares of BlackLine in the first quarter worth about $72,000. Benjamin Edwards Inc. boosted its stake in shares of BlackLine by 18.6% in the 4th quarter. Benjamin Edwards Inc. now owns 1,207 shares of the technology company’s stock valued at $81,000 after purchasing an additional 189 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of BlackLine by 90.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,218 shares of the technology company’s stock valued at $82,000 after purchasing an additional 578 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

BlackLine Trading Up 0.9 %

NASDAQ:BL opened at $60.06 on Friday. BlackLine, Inc. has a 52 week low of $48.22 and a 52 week high of $77.90. The company has a debt-to-equity ratio of 7.87, a quick ratio of 3.62 and a current ratio of 3.62. The firm’s fifty day moving average is $54.45 and its 200-day moving average is $58.08. The firm has a market cap of $3.66 billion, a P/E ratio of -78.00, a P/E/G ratio of 3.28 and a beta of 0.89.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 8th. The technology company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.68). BlackLine had a negative net margin of 9.25% and a negative return on equity of 37.62%. The firm had revenue of $144.57 million during the quarter, compared to analyst estimates of $143.86 million. Equities analysts expect that BlackLine, Inc. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

BL has been the subject of several research reports. BTIG Research dropped their price objective on shares of BlackLine from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. Robert W. Baird cut their price objective on BlackLine from $82.00 to $64.00 in a report on Friday, May 5th. JMP Securities lowered their target price on BlackLine from $87.00 to $81.00 and set a “market outperform” rating for the company in a report on Wednesday, August 9th. Morgan Stanley assumed coverage on BlackLine in a research report on Monday, May 22nd. They issued an “equal weight” rating and a $60.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $61.33.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $29,016.00. Following the completion of the sale, the executive now owns 94,083 shares of the company’s stock, valued at approximately $4,892,316. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 9.93% of the stock is owned by corporate insiders.

BlackLine Profile

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.