Insider Selling: BlackLine, Inc. (NASDAQ:BL) CFO Sells $299,344.00 in Stock

BlackLine, Inc. (NASDAQ:BL) CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Mark Partin also recently made the following trade(s):

• On Monday, September 30th, Mark Partin sold 85,308 shares of BlackLine stock. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72.

BlackLine Stock Performance

BlackLine stock opened at $54.60 on Thursday. The business has a 50 day moving average of $49.79 and a 200-day moving average of $52.77. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a market capitalization of $3.38 billion, a P/E ratio of 237.39, a P/E/G ratio of 12.80 and a beta of 0.89.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The firm had revenue of $160.51 million during the quarter, compared to the consensus estimate of $158.21 million. During the same quarter last year, the firm earned ($0.69) earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts predict that BlackLine, Inc. will post 0.94 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after buying an additional 642,772 shares during the period. Hawk Ridge Capital Management LP boosted its position in BlackLine by 85.4% during the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after acquiring an additional 336,298 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after acquiring an additional 229,151 shares during the period. Squarepoint Ops LLC bought a new position in shares of BlackLine in the 2nd quarter worth about $15,128,000. Finally, Norges Bank acquired a new position in shares of BlackLine in the 4th quarter valued at about $16,927,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BL has been the subject of several research analyst reports. JMP Securities restated a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Citigroup reduced their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $70.00 in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price target on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average price target of $59.90.

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