Conestoga Capital Advisors LLC Sells 30,939 Shares of BlackLine $BL

Key Points

• Conestoga Capital Advisors decreased its holdings in BlackLine by 1.5% during the second quarter, now owning approximately 2.08 million shares valued at about $117.76 million.
• BlackLine reported a net income of $0.51 per share for the latest quarter, beating analysts' estimates, and provided FY 2025 earnings guidance between $2.130 and $2.240 per share.
• Recent analyst ratings for BlackLine include a "market outperform" from JMP Securities with a target price of $80.00 and a "buy" rating from Citigroup with an increased target of $67.00.

Conestoga Capital Advisors LLC reduced its position in shares of BlackLine (NASDAQ:BL - Free Report) by 1.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,079,738 shares of the technology company's stock after selling 30,939 shares during the quarter. BlackLine makes up about 1.7% of Conestoga Capital Advisors LLC's holdings, making the stock its 28th biggest holding. Conestoga Capital Advisors LLC owned about 3.34% of BlackLine worth $117,755,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC raised its holdings in BlackLine by 7.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 126,407 shares of the technology company's stock valued at $7,157,000 after buying an additional 9,270 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in BlackLine during the 2nd quarter valued at $202,000. Blue Trust Inc. purchased a new stake in shares of BlackLine in the 2nd quarter worth about $377,000. Blair William & Co. IL boosted its stake in shares of BlackLine by 0.8% during the 2nd quarter. Blair William & Co. IL now owns 85,984 shares of the technology company's stock valued at $4,868,000 after purchasing an additional 710 shares in the last quarter. Finally, Gagnon Securities LLC increased its position in shares of BlackLine by 0.6% during the second quarter. Gagnon Securities LLC now owns 252,241 shares of the technology company's stock valued at $14,282,000 after buying an additional 1,503 shares during the period. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Up 0.2%

NASDAQ:BL opened at $49.82 on Monday. The firm's 50-day moving average price is $52.46 and its 200-day moving average price is $52.62. The company has a market capitalization of $3.08 billion, a PE ratio of 38.62, a P/E/G ratio of 8.17 and a beta of 0.97. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.64 and a quick ratio of 1.64. BlackLine has a 1-year low of $40.82 and a 1-year high of $66.25.

BlackLine (NASDAQ:BL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The business had revenue of $172.03 million during the quarter, compared to analyst estimates of $170.87 million. BlackLine had a net margin of 13.05% and a return on equity of 15.95%. BlackLine's revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business earned $0.58 EPS. BlackLine has set its FY 2025 guidance at 2.130-2.240 EPS. Q3 2025 guidance at 0.480-0.510 EPS. On average, equities analysts predict that BlackLine will post 0.9 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on BL. JMP Securities reiterated a "market outperform" rating and set a $80.00 price target on shares of BlackLine in a research report on Thursday, September 11th. Citigroup reiterated a "buy" rating and set a $67.00 price target (up previously from $58.00) on shares of BlackLine in a research report on Wednesday, July 16th. BMO Capital Markets boosted their price target on shares of BlackLine from $60.00 to $63.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. DA Davidson reiterated a "neutral" rating and set a $56.00 price target on shares of BlackLine in a research report on Wednesday, August 6th. Finally, Raymond James Financial upgraded shares of BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 price target on the stock in a research report on Tuesday, July 29th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $60.58.

Insider Transactions at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 664 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $54.03, for a total transaction of $35,875.92. Following the completion of the sale, the chief accounting officer directly owned 23,830 shares in the company, valued at approximately $1,287,534.90. This trade represents a 2.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Unterman sold 910 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $55.00, for a total transaction of $50,050.00. Following the sale, the director owned 42,745 shares of the company's stock, valued at approximately $2,350,975. This represents a 2.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,484 shares of company stock valued at $135,976. 8.60% of the stock is owned by company insiders.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.

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