Bank of America Corp DE Buys Shares of 980,822 BlackLine $BL

Key Points

• Bank of America acquired 980,822 BlackLine shares worth approximately $27.5 million in the second quarter, giving it a 1.69% stake. Institutional investors collectively own 95.13% of the company.
• BlackLine exceeded quarterly earnings expectations, reporting $0.61 in EPS versus the $0.57 consensus and revenue of $187.82 million, up 9.1% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $40.08 target price, while insiders recently sold shares and the stock opened at $27.85.

Bank of America Corp DE bought a new position in BlackLine (NASDAQ:BL - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 980,822 shares of the technology company's stock, valued at approximately $27,532,000. Bank of America Corp DE owned about 1.69% of BlackLine as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. ICONIQ Capital LLC purchased a new stake in shares of BlackLine in the second quarter valued at about $58,584,000. Norges Bank acquired a new stake in BlackLine in the 4th quarter valued at approximately $80,787,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of BlackLine in the first quarter valued at $17,335,000. Hawk Ridge Capital Management LP grew its position in BlackLine by 26.3% in the 1st quarter. Hawk Ridge Capital Management LP now owns 1,890,823 shares of the technology company's stock valued at $69,960,000 after acquiring an additional 393,192 shares in the last quarter. Finally, First Manhattan CO. LLC. grew its holdings in shares of BlackLine by 16.3% in the fourth quarter. First Manhattan CO. LLC. now owns 2,428,604 shares of the technology company's stock valued at $134,278,000 after purchasing an additional 340,606 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

BlackLine Stock Performance

Shares of BL opened at $27.85 on Wednesday. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 2.12. BlackLine has a 52-week low of $24.70 and a 52-week high of $59.57. The company has a 50-day simple moving average of $30.49 and a 200-day simple moving average of $31.01. The company has a market capitalization of $1.62 billion, a PE ratio of 48.86, a P/E/G ratio of 1.89 and a beta of 0.66.

BlackLine (NASDAQ:BL - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.04. The firm had revenue of $187.82 million for the quarter, compared to the consensus estimate of $186.99 million. BlackLine had a net margin of 4.75% and a return on equity of 20.89%. The firm's revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.51 earnings per share. BlackLine has set its FY 2026 guidance at 2.470-2.540 EPS and its Q3 2026 guidance at 0.620-0.650 EPS. Equities research analysts predict that BlackLine will post 0.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BL has been the subject of several analyst reports. Scotiabank cut BlackLine to an "outperform" rating in a research note on Tuesday, July 21st. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $36.00 target price on shares of BlackLine in a research report on Wednesday, August 5th. Morgan Stanley restated an "equal weight" rating and set a $33.00 price target (down from $50.00) on shares of BlackLine in a research note on Tuesday, July 21st. Weiss Ratings upgraded shares of BlackLine from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen cut shares of BlackLine from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $40.08.

Insider Activity at BlackLine

In related news, Director Therese Tucker sold 70,000 shares of BlackLine stock in a transaction on Monday, August 24th. The stock was sold at an average price of $31.96, for a total transaction of $2,237,200.00. Following the completion of the transaction, the director directly owned 381,557 shares of the company's stock, valued at approximately $12,194,561.72. The trade was a 15.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Michelle D. Stalick sold 780 shares of the business's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $33.65, for a total value of $26,247.00. Following the sale, the chief accounting officer owned 34,712 shares in the company, valued at approximately $1,168,058.80. The trade was a 2.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 9.10% of the company's stock.

BlackLine Company Profile

BlackLine, Inc NASDAQ: BL provides cloud-based software designed to automate and modernize finance and accounting operations. Its platform helps organizations manage processes that traditionally rely on spreadsheets, manual data entry and disconnected systems, with an emphasis on improving efficiency, visibility and control.

The company's products support financial close and consolidation, account reconciliations, transaction matching, intercompany accounting, accounts receivable automation, cash application, invoice-to-cash processes, lease accounting and accounting task management.

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