Conestoga Capital Advisors LLC Sells 163,513 Shares of BlackLine $BL

Key Points

• Conestoga Capital Advisors reduced its BlackLine stake by 8.8% in the first quarter, selling 163,513 shares and leaving it with 1,685,484 shares valued at about $62.4 million.
• Several other institutional investors also adjusted positions in BlackLine, and institutions now own 95.13% of the stock.
• BlackLine recently reported better-than-expected quarterly results, with EPS of $0.56 versus $0.45 expected and revenue up 9.7% year over year, while analysts currently rate the stock a consensus Hold with a $43.67 target price.

Conestoga Capital Advisors LLC cut its holdings in shares of BlackLine (NASDAQ:BL - Free Report) by 8.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,685,484 shares of the technology company's stock after selling 163,513 shares during the period. BlackLine makes up 1.2% of Conestoga Capital Advisors LLC's portfolio, making the stock its 29th biggest position. Conestoga Capital Advisors LLC owned about 2.83% of BlackLine worth $62,363,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Ananym Capital Management LP boosted its holdings in BlackLine by 37.5% in the third quarter. Ananym Capital Management LP now owns 442,511 shares of the technology company's stock worth $23,497,000 after purchasing an additional 120,590 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in BlackLine by 11.3% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 338,959 shares of the technology company's stock worth $17,999,000 after purchasing an additional 34,499 shares during the period. Cinctive Capital Management LP raised its stake in BlackLine by 26.4% during the 3rd quarter. Cinctive Capital Management LP now owns 152,856 shares of the technology company's stock valued at $8,117,000 after buying an additional 31,919 shares during the last quarter. Teacher Retirement System of Texas raised its stake in BlackLine by 5,776.8% during the 4th quarter. Teacher Retirement System of Texas now owns 475,665 shares of the technology company's stock valued at $26,300,000 after buying an additional 467,571 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in BlackLine by 2,609.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 113,197 shares of the technology company's stock valued at $6,259,000 after buying an additional 109,019 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BL shares. Piper Sandler raised their price target on BlackLine from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Citizens Jmp reiterated a "market outperform" rating and set a $70.00 price objective on shares of BlackLine in a research report on Tuesday, April 28th. Wall Street Zen raised BlackLine from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 13th. Weiss Ratings reissued a "sell (d+)" rating on shares of BlackLine in a research report on Thursday, June 4th. Finally, Truist Financial dropped their target price on BlackLine from $50.00 to $32.00 and set a "hold" rating on the stock in a research report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, BlackLine has an average rating of "Hold" and a consensus target price of $43.67.

Insider Activity

In related news, Director Mika Yamamoto sold 3,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $28.48, for a total value of $85,440.00. Following the completion of the sale, the director directly owned 16,692 shares of the company's stock, valued at approximately $475,388.16. This represents a 15.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory Hughes sold 1,637 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $30.25, for a total transaction of $49,519.25. Following the sale, the director owned 7,755 shares in the company, valued at approximately $234,588.75. The trade was a 17.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.10% of the stock is owned by company insiders.

BlackLine Trading Up 4.9%

Shares of BlackLine stock opened at $29.45 on Thursday. The company's fifty day simple moving average is $28.80 and its 200-day simple moving average is $38.64. The stock has a market capitalization of $1.73 billion, a PE ratio of 68.49 and a beta of 0.66. BlackLine has a 1-year low of $24.70 and a 1-year high of $59.57. The company has a debt-to-equity ratio of 2.18, a current ratio of 1.70 and a quick ratio of 1.70.

BlackLine (NASDAQ:BL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.45 by $0.11. BlackLine had a return on equity of 18.86% and a net margin of 3.71%.The firm had revenue of $183.16 million during the quarter, compared to analyst estimates of $181.00 million. During the same period in the prior year, the business posted $0.49 EPS. BlackLine's revenue was up 9.7% on a year-over-year basis. BlackLine has set its FY 2026 guidance at 2.420-2.530 EPS and its Q2 2026 guidance at 0.570-0.590 EPS. As a group, equities analysts anticipate that BlackLine will post 1.1 earnings per share for the current year.

BlackLine Company Profile

BlackLine, Inc is a leading provider of cloud-based software solutions designed to automate and modernize the finance and accounting function. The company's flagship offering, the BlackLine Finance Controls and Automation Platform, enables organizations to streamline critical processes such as account reconciliations, journal entry management, intercompany accounting, and transaction matching. By delivering a centralized, real-time view of financial data, BlackLine helps companies improve operational efficiency, enhance compliance and strengthen internal controls.

Key products and services within the BlackLine platform include Account Reconciliation, Task Management, Transaction Matching, Journal Entry, and Intercompany Hub.

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