Insider Selling: BlackLine, Inc. (NASDAQ:BL) CRO Sells 2,877 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the transaction, the executive now owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

BlackLine Stock Performance

Shares of NASDAQ BL traded up $1.75 during trading on Thursday, reaching $59.69. The stock had a trading volume of 766,253 shares, compared to its average volume of 893,832. BlackLine, Inc. has a one year low of $47.26 and a one year high of $69.31. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The firm’s 50 day moving average price is $62.20 and its two-hundred day moving average price is $59.44.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. On average, analysts forecast that BlackLine, Inc. will post 1.02 earnings per share for the current year.

Institutional Trading of BlackLine

A number of hedge funds have recently modified their holdings of the company. Dakota Wealth Management acquired a new stake in shares of BlackLine during the third quarter worth $210,000. Redmond Asset Management LLC grew its position in BlackLine by 1.7% during the third quarter. Redmond Asset Management LLC now owns 53,329 shares of the technology company’s stock worth $2,958,000 after buying an additional 916 shares in the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of BlackLine by 10.9% in the 3rd quarter. Verdence Capital Advisors LLC now owns 6,220 shares of the technology company’s stock valued at $345,000 after purchasing an additional 611 shares in the last quarter. Strs Ohio raised its position in BlackLine by 19.2% during the 3rd quarter. Strs Ohio now owns 3,100 shares of the technology company’s stock worth $171,000 after purchasing an additional 500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of BlackLine by 2.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,107 shares of the technology company’s stock valued at $1,393,000 after purchasing an additional 626 shares during the period. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

BL has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price objective on BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a research report on Tuesday, January 23rd. Robert W. Baird lowered their price target on BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Citigroup reduced their price objective on BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research note on Wednesday, February 14th. Finally, William Blair lowered BlackLine from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $62.20.

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.