Gagnon Securities LLC boosted its holdings in BlackLine (NASDAQ:BL – Free Report) by 38.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 520,030 shares of the technology company’s stock after purchasing an additional 144,261 shares during the quarter. BlackLine comprises 2.4% of Gagnon Securities LLC’s investment portfolio, making the stock its 18th largest holding. Gagnon Securities LLC owned 0.89% of BlackLine worth $13,796,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in BL. Fortitude Family Office LLC acquired a new position in shares of BlackLine in the third quarter valued at approximately $25,000. Optiver Holding B.V. lifted its holdings in shares of BlackLine by 13,828.6% during the first quarter. Optiver Holding B.V. now owns 975 shares of the technology company’s stock worth $36,000 after purchasing an additional 968 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of BlackLine by 824.0% during the third quarter. Sterling Capital Management LLC now owns 1,617 shares of the technology company’s stock worth $43,000 after purchasing an additional 1,442 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of BlackLine by 258.0% during the third quarter. Farther Finance Advisors LLC now owns 1,908 shares of the technology company’s stock worth $51,000 after purchasing an additional 1,375 shares during the period. Finally, Parallel Advisors LLC grew its position in BlackLine by 841.0% in the 3rd quarter. Parallel Advisors LLC now owns 2,343 shares of the technology company’s stock valued at $62,000 after buying an additional 2,094 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CAO Michelle D. Stalick sold 780 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $33.65, for a total value of $26,247.00. Following the completion of the transaction, the chief accounting officer owned 34,712 shares in the company, valued at $1,168,058.80. This trade represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Therese Tucker sold 70,000 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $31.96, for a total transaction of $2,237,200.00. Following the completion of the transaction, the director owned 381,557 shares of the company’s stock, valued at $12,194,561.72. This represents a 15.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 9.10% of the company’s stock.
BlackLine Stock Up 0.3%
BL opened at $27.42 on Thursday. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.69 and a quick ratio of 1.72. BlackLine has a 12 month low of $24.70 and a 12 month high of $59.57. The stock has a market capitalization of $1.57 billion, a P/E ratio of 25.31, a P/E/G ratio of 1.80 and a beta of 0.67. The business has a 50 day simple moving average of $30.01 and a 200-day simple moving average of $32.20.
BlackLine (NASDAQ:BL – Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The technology company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. BlackLine had a return on equity of 23.73% and a net margin of 5.37%. The firm had revenue of $193.40 million for the quarter, compared to analyst estimates of $194.17 million. During the same quarter in the prior year, the company posted $0.51 earnings per share. BlackLine’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities analysts anticipate that BlackLine will post 1.00 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several brokerages have issued reports on BL. Scotiabank cut shares of BlackLine to an “outperform” rating in a research note on Tuesday, July 21st. Weiss Ratings restated a “sell (d+)” rating on shares of BlackLine in a research note on Monday, October 26th. Piper Sandler lowered their target price on shares of BlackLine from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, November 6th. Robert W. Baird set a $35.00 price target on shares of BlackLine in a research note on Wednesday, August 5th. Finally, Morgan Stanley dropped their price target on shares of BlackLine from $30.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Monday. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.58.
Read Our Latest Stock Analysis on BL
BlackLine Company Profile
BlackLine, Inc. provides cloud-based software that helps organizations automate accounting and finance operations. Its platform supports processes such as financial close management, account reconciliations, intercompany accounting, and financial reporting. The company’s products also help businesses manage accounts receivable and invoice-to-cash workflows, including cash application and collections. BlackLine’s software is designed to work alongside enterprise resource planning systems and other financial applications.
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