Stanley Laman Group Ltd. Trims Position in BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. decreased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 14.2% during the third quarter, Holdings Channel reports. The institutional investor owned 108,543 shares of the technology company’s stock after selling 17,958 shares during the period. BlackLine makes up approximately 0.8% of Stanley Laman Group Ltd.’s investment portfolio, making the stock its 23rd biggest position. Stanley Laman Group Ltd.’s holdings in BlackLine were worth $5,985,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of BlackLine by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 6,738,189 shares of the technology company’s stock worth $420,733,000 after purchasing an additional 79,649 shares during the last quarter. Overbrook Management Corp bought a new position in BlackLine during the first quarter valued at $275,000. State of Alaska Department of Revenue purchased a new stake in shares of BlackLine during the 1st quarter valued at about $2,000,000. Norden Group LLC raised its position in shares of BlackLine by 2,200.0% during the 1st quarter. Norden Group LLC now owns 116,909 shares of the technology company’s stock valued at $7,550,000 after buying an additional 111,826 shares in the last quarter. Finally, Maryland State Retirement & Pension System bought a new position in shares of BlackLine in the 1st quarter valued at about $1,086,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Trading Up 0.9 %

BL opened at $57.57 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 250.30, a PEG ratio of 13.57 and a beta of 0.90. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a fifty day moving average price of $52.26 and a 200-day moving average price of $52.00.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.69) earnings per share. As a group, equities research analysts anticipate that BlackLine, Inc. will post 0.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BL shares. JPMorgan Chase & Co. cut their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. BTIG Research dropped their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Citigroup dropped their target price on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Truist Financial reduced their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.90.

Insiders Place Their Bets

In related news, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the transaction, the director now owns 6,777 shares in the company, valued at $352,471.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,873 shares of company stock valued at $8,340,243. 9.93% of the stock is currently owned by insiders.

BlackLine Company 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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.