Blackline Sees Unusually High Options Volume (BL)

Blackline Inc (NASDAQ:BL) saw some unusual options trading activity on Wednesday. Traders bought 3,303 call options on the company. This is an increase of approximately 1,458% compared to the typical daily volume of 212 call options.

In other Blackline news, CMO Mario Spanicciati sold 12,750 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $38.17, for a total value of $486,667.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Therese Tucker sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $35.31, for a total transaction of $70,620.00. The disclosure for this sale can be found here. Insiders sold 155,000 shares of company stock worth $5,334,904 in the last ninety days. 22.35% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of BL. Wolverine Trading LLC purchased a new position in Blackline in the third quarter valued at approximately $246,000. DF Dent & Co. Inc. increased its stake in Blackline by 21.3% in the third quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock valued at $77,466,000 after purchasing an additional 399,130 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in Blackline in the third quarter valued at approximately $23,688,000. Grandeur Peak Global Advisors LLC purchased a new position in Blackline in the third quarter valued at approximately $2,710,000. Finally, Dragoneer Investment Group LLC increased its stake in Blackline by 25.8% in the third quarter. Dragoneer Investment Group LLC now owns 1,422,115 shares of the technology company’s stock valued at $48,523,000 after purchasing an additional 291,694 shares during the last quarter. 79.28% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on BL. JMP Securities raised shares of Blackline from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 16th. BidaskClub raised shares of Blackline from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. SunTrust Banks reissued a “buy” rating and set a $42.00 price target on shares of Blackline in a research report on Friday, November 3rd. KeyCorp reissued a “buy” rating and set a $39.00 price target on shares of Blackline in a research report on Sunday, October 22nd. Finally, Robert W. Baird set a $42.00 price target on shares of Blackline and gave the stock a “buy” rating in a research report on Sunday, October 1st. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $38.74.

Shares of Blackline (NASDAQ BL) opened at $36.13 on Monday. Blackline has a 1-year low of $24.14 and a 1-year high of $40.28.

Blackline (NASDAQ:BL) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. The firm had revenue of $45.90 million for the quarter, compared to analysts’ expectations of $44.07 million. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. The firm’s revenue was up 42.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) earnings per share. research analysts expect that Blackline will post -0.42 earnings per share for the current fiscal year.

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About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

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