Handelsbanken Fonder AB grew its position in shares of BlackLine, Inc. (NASDAQ:BL – Free Report) by 79.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,500 shares of the technology company’s stock after buying an additional 4,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in BlackLine were worth $638,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BL. Price T Rowe Associates Inc. MD increased its stake in shares of BlackLine by 275.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 715,319 shares of the technology company’s stock worth $47,640,000 after purchasing an additional 524,773 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of BlackLine by 40.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,296,306 shares of the technology company’s stock valued at $87,203,000 after buying an additional 374,813 shares during the period. Renaissance Technologies LLC purchased a new position in shares of BlackLine during the 1st quarter valued at $14,271,000. Norges Bank bought a new position in shares of BlackLine during the 4th quarter worth $10,672,000. Finally, Toronado Partners LLC increased its holdings in BlackLine by 49.7% in the 1st quarter. Toronado Partners LLC now owns 408,683 shares of the technology company’s stock worth $29,924,000 after acquiring an additional 135,685 shares during the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.
Insiders Place Their Bets
In other BlackLine news, CFO Mark Partin sold 5,000 shares of BlackLine stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $55.42, for a total transaction of $277,100.00. Following the transaction, the chief financial officer now directly owns 199,479 shares of the company’s stock, valued at $11,055,126.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Mark Partin sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $55.42, for a total transaction of $277,100.00. Following the transaction, the chief financial officer now directly owns 199,479 shares of the company’s stock, valued at $11,055,126.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Peter Hirsch sold 1,397 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $53.28, for a total value of $74,432.16. Following the completion of the sale, the chief technology officer now directly owns 56,055 shares of the company’s stock, valued at approximately $2,986,610.40. The disclosure for this sale can be found here. Insiders sold a total of 6,955 shares of company stock valued at $381,262 over the last 90 days. Insiders own 9.93% of the company’s stock.
BlackLine Stock Down 2.2 %
BlackLine (NASDAQ:BL – Get Free Report) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. The firm had revenue of $138.98 million for the quarter, compared to analyst estimates of $137.91 million. BlackLine had a negative net margin of 5.79% and a negative return on equity of 10.19%. Sell-side analysts expect that BlackLine, Inc. will post 0.08 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on BL shares. Robert W. Baird cut their target price on shares of BlackLine from $82.00 to $64.00 in a research report on Friday, May 5th. StockNews.com began coverage on shares of BlackLine in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Truist Financial dropped their target price on BlackLine from $65.00 to $60.00 in a research report on Monday, May 8th. Citigroup lifted their price target on BlackLine from $56.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Piper Sandler dropped their price objective on BlackLine from $64.00 to $55.00 in a report on Friday, May 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus target price of $63.30.
About BlackLine
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.
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