Stanley Laman Group Ltd. Sells 17,958 Shares of BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. lowered its stake in BlackLine, Inc. (NASDAQ:BL) by 14.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 108,543 shares of the technology company’s stock after selling 17,958 shares during the quarter. BlackLine makes up 0.8% of Stanley Laman Group Ltd.’s investment portfolio, making the stock its 23rd largest position. Stanley Laman Group Ltd. owned about 0.18% of BlackLine worth $5,985,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of BlackLine by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock valued at $22,299,000 after buying an additional 116,900 shares in the last quarter. Squarepoint Ops LLC bought a new stake in BlackLine in the 2nd quarter worth approximately $15,128,000. Finally, Principal Financial Group Inc. boosted its stake in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock worth $17,168,000 after buying an additional 259,274 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of recent research reports. BTIG Research lowered their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Robert W. Baird decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Citigroup reduced their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $60.00 to $70.00 in a research note on Monday, September 30th. Finally, Piper Sandler cut their target price on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $59.90.

BlackLine Price Performance

BL stock opened at $57.57 on Wednesday. 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 firm has a 50-day moving average of $52.26 and a 200 day moving average of $52.00. The company has a market cap of $3.56 billion, a P/E ratio of 250.30, a PEG ratio of 13.57 and a beta of 0.90.

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

Insider Transactions at BlackLine

In other news, Director Barbara Whye sold 5,378 shares of BlackLine stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the transaction, the director now owns 6,777 shares of the company’s stock, valued at $352,471.77. 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 through the SEC website. In other news, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,873 shares of company stock valued at $8,340,243 in the last ninety days. 9.93% of the stock is currently owned by corporate 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.