Blackline Inc (NASDAQ:BL) Short Interest Update

Blackline Inc (NASDAQ:BL) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 5,266,600 shares, a growth of 26.6% from the July 31st total of 4,161,500 shares. Currently, 11.2% of the shares of the company are short sold. Based on an average trading volume of 621,600 shares, the days-to-cover ratio is presently 8.5 days.

Shares of BL stock traded down $3.24 on Friday, hitting $48.62. 524,593 shares of the stock traded hands, compared to its average volume of 479,668. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -187.00 and a beta of 0.78. Blackline has a 52 week low of $34.01 and a 52 week high of $58.11. The firm has a 50 day simple moving average of $50.70 and a two-hundred day simple moving average of $49.76. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35.

Blackline (NASDAQ:BL) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.04. The firm had revenue of $69.70 million for the quarter, compared to the consensus estimate of $67.74 million. Blackline had a negative net margin of 10.20% and a negative return on equity of 4.05%. The company’s revenue was up 25.8% on a year-over-year basis. During the same period last year, the firm earned $0.01 EPS. Sell-side analysts forecast that Blackline will post -0.27 EPS for the current year.

In other news, CFO Mark Partin sold 10,000 shares of Blackline stock in a transaction on Monday, July 1st. The shares were sold at an average price of $53.36, for a total transaction of $533,600.00. Following the transaction, the chief financial officer now owns 65,140 shares in the company, valued at approximately $3,475,870.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 50,000 shares of company stock worth $2,686,100 in the last quarter. Corporate insiders own 15.77% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Blackline by 168.2% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,936,270 shares of the technology company’s stock valued at $182,328,000 after acquiring an additional 2,468,448 shares during the last quarter. Vanguard Group Inc. increased its holdings in Blackline by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 3,908,283 shares of the technology company’s stock valued at $209,133,000 after acquiring an additional 63,253 shares during the last quarter. BlackRock Inc. increased its holdings in Blackline by 12.6% in the 2nd quarter. BlackRock Inc. now owns 3,119,985 shares of the technology company’s stock valued at $166,949,000 after acquiring an additional 349,712 shares during the last quarter. DF Dent & Co. Inc. increased its holdings in Blackline by 5.0% in the 2nd quarter. DF Dent & Co. Inc. now owns 3,068,905 shares of the technology company’s stock valued at $164,217,000 after acquiring an additional 147,453 shares during the last quarter. Finally, Riverbridge Partners LLC increased its holdings in Blackline by 33.7% in the 2nd quarter. Riverbridge Partners LLC now owns 1,906,518 shares of the technology company’s stock valued at $102,018,000 after acquiring an additional 481,071 shares during the last quarter. Hedge funds and other institutional investors own 84.38% of the company’s stock.

BL has been the topic of several recent analyst reports. ValuEngine downgraded shares of Blackline from a “buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Goldman Sachs Group downgraded shares of Blackline from a “buy” rating to a “sell” rating and decreased their price objective for the company from $57.00 to $41.00 in a research report on Tuesday, July 2nd. KeyCorp raised their price objective on shares of Blackline from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Zacks Investment Research downgraded shares of Blackline from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Finally, BidaskClub upgraded shares of Blackline from a “sell” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $53.00.

Blackline Company Profile

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

Read More: Understanding the Price to Earnings Ratio (PE)

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