Whittier Trust Co. Has $303,000 Position in BlackLine, Inc. (NASDAQ:BL)

Whittier Trust Co. boosted its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,699 shares of the technology company’s stock after acquiring an additional 414 shares during the quarter. Whittier Trust Co.’s holdings in BlackLine were worth $303,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Federated Hermes Inc. grew its holdings in shares of BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after purchasing an additional 773 shares during the last quarter. Comerica Bank bought a new stake in shares of BlackLine during the third quarter worth $6,280,000. Vanguard Group Inc. grew its holdings in shares of BlackLine by 6.1% during the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock worth $369,349,000 after purchasing an additional 380,614 shares during the last quarter. Baker Tilly Wealth Management LLC boosted its holdings in BlackLine by 8.6% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 6,026 shares of the technology company’s stock valued at $376,000 after acquiring an additional 479 shares during the last quarter. Finally, CVA Family Office LLC bought a new position in BlackLine in the fourth quarter valued at about $38,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at BlackLine

In other news, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the completion of the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the completion of the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jimmy C. Duan bought 2,000 shares of the stock in a transaction on Friday, May 31st. The stock was purchased at an average cost of $47.73 per share, with a total value of $95,460.00. Following the acquisition, the insider now owns 50,360 shares in the company, valued at $2,403,682.80. The disclosure for this purchase can be found here. 9.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BL shares. Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and raised their price target for the company from $55.00 to $62.00 in a report on Tuesday, April 23rd. BMO Capital Markets raised their price target on BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a report on Wednesday, May 8th. Wolfe Research started coverage on BlackLine in a report on Monday, March 18th. They issued a “peer perform” rating on the stock. Robert W. Baird raised their price target on BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Finally, William Blair upgraded BlackLine to a “hold” rating in a report on Tuesday, May 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $63.56.

BlackLine Price Performance

NASDAQ BL traded down $1.57 during midday trading on Tuesday, hitting $47.21. The company had a trading volume of 848,644 shares, compared to its average volume of 989,234. The company has a market capitalization of $2.92 billion, a PE ratio of 205.26, a P/E/G ratio of 5.57 and a beta of 0.86. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. The firm has a 50-day moving average price of $50.74 and a 200-day moving average price of $57.43. BlackLine, Inc. has a twelve month low of $43.79 and a twelve month high of $69.31.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. The firm had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. As a group, analysts anticipate that BlackLine, Inc. will post 1.1 earnings per share for the current fiscal year.

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.