Barton Investment Management Raises Stake in Blackline Inc (NASDAQ:BL)

Barton Investment Management boosted its holdings in Blackline Inc (NASDAQ:BL) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 595,750 shares of the technology company’s stock after buying an additional 20,390 shares during the period. Blackline makes up about 4.8% of Barton Investment Management’s investment portfolio, making the stock its 7th largest position. Barton Investment Management owned about 1.08% of Blackline worth $28,483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in Blackline by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 3,908,283 shares of the technology company’s stock worth $209,133,000 after buying an additional 63,253 shares during the period. BlackRock Inc. increased its position in Blackline by 12.6% in the 2nd quarter. BlackRock Inc. now owns 3,119,985 shares of the technology company’s stock worth $166,949,000 after buying an additional 349,712 shares during the period. DF Dent & Co. Inc. increased its position 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 worth $164,217,000 after buying an additional 147,453 shares during the period. Riverbridge Partners LLC increased its position in shares of Blackline by 33.7% during the second quarter. Riverbridge Partners LLC now owns 1,906,518 shares of the technology company’s stock valued at $102,018,000 after purchasing an additional 481,071 shares during the period. Finally, Invesco Ltd. increased its position in shares of Blackline by 17.9% during the second quarter. Invesco Ltd. now owns 1,408,704 shares of the technology company’s stock valued at $75,379,000 after purchasing an additional 213,931 shares during the period. 83.94% of the stock is currently owned by institutional investors.

BL stock traded down $1.73 during trading on Wednesday, hitting $46.81. The company had a trading volume of 21,228 shares, compared to its average volume of 581,887. The company has a fifty day moving average price of $48.98 and a two-hundred day moving average price of $49.64. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.69 billion, a P/E ratio of -179.98 and a beta of 0.77. Blackline Inc has a fifty-two week low of $34.01 and a fifty-two week high of $56.29.

Blackline (NASDAQ:BL) last announced its quarterly earnings results 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 business had revenue of $69.70 million for the quarter, compared to analyst estimates of $67.74 million. Blackline had a negative return on equity of 4.05% and a negative net margin of 10.20%. Blackline’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.01 EPS. On average, analysts expect that Blackline Inc will post -0.28 earnings per share for the current year.

A number of research firms have recently issued reports on BL. ValuEngine cut Blackline from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. First Analysis began coverage on Blackline in a research report on Friday, October 4th. They set an “outperform” rating and a $55.00 price objective on the stock. Goldman Sachs Group cut Blackline from a “buy” rating to a “sell” rating and lowered their price objective for the company from $57.00 to $41.00 in a research report on Tuesday, July 2nd. BidaskClub upgraded Blackline from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, KeyCorp boosted their price objective on Blackline from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $53.60.

In other Blackline news, insider Morgan Karole Prager sold 10,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $54.76, for a total value of $547,600.00. Following the transaction, the insider now owns 34,053 shares of the company’s stock, valued at $1,864,742.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark Partin sold 20,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $54.75, for a total value of $1,095,000.00. Following the completion of the transaction, the chief financial officer now directly owns 75,140 shares in the company, valued at approximately $4,113,915. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,000 shares of company stock worth $2,152,500. 15.77% of the stock is owned by insiders.

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.

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Institutional Ownership by Quarter for Blackline (NASDAQ:BL)

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