Invenomic Capital Management LP Makes New Investment in BlackLine $BL

Key Points

• Invenomic Capital Management LP made a new investment of approximately $3.47 million in BlackLine, acquiring 71,592 shares during the first quarter.
• Several hedge funds have recently increased their stakes in BlackLine, with First Manhattan Co. LLC boosting its holdings by 408.7% during the same quarter.
• BlackLine reported earnings of $0.51 per share, exceeding expectations, and provided guidance for FY 2025, estimating earnings between $2.130 and $2.240 per share.

Invenomic Capital Management LP purchased a new position in shares of BlackLine (NASDAQ:BL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 71,592 shares of the technology company's stock, valued at approximately $3,466,000. Invenomic Capital Management LP owned approximately 0.11% of BlackLine at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Asset Management One Co. Ltd. lifted its stake in shares of BlackLine by 67.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 2,122 shares of the technology company's stock worth $103,000 after purchasing an additional 856 shares during the last quarter. KBC Group NV raised its stake in BlackLine by 33.9% in the first quarter. KBC Group NV now owns 2,919 shares of the technology company's stock valued at $141,000 after buying an additional 739 shares during the last quarter. Virtus Advisers LLC purchased a new stake in BlackLine in the first quarter valued at about $182,000. Bayforest Capital Ltd raised its stake in BlackLine by 282.6% in the first quarter. Bayforest Capital Ltd now owns 4,277 shares of the technology company's stock valued at $207,000 after buying an additional 3,159 shares during the last quarter. Finally, Xponance Inc. raised its stake in BlackLine by 6.8% in the first quarter. Xponance Inc. now owns 4,422 shares of the technology company's stock valued at $214,000 after buying an additional 280 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

Insider Buying and Selling

In related news, CAO Michelle D. Stalick sold 664 shares of BlackLine stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $54.03, for a total transaction of $35,875.92. Following the transaction, the chief accounting officer owned 23,830 shares in the company, valued at approximately $1,287,534.90. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 8.60% of the company's stock.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of research analyst reports. Raymond James Financial upgraded BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 price target for the company in a research note on Tuesday, July 29th. Morgan Stanley increased their price objective on BlackLine from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. BMO Capital Markets increased their price objective on BlackLine from $60.00 to $63.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. DA Davidson reissued a "neutral" rating and issued a $56.00 price objective on shares of BlackLine in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and a consensus target price of $61.08.

BlackLine Price Performance

Shares of NASDAQ BL traded down $0.93 during midday trading on Wednesday, hitting $53.66. The stock had a trading volume of 842,690 shares, compared to its average volume of 760,739. The company has a market capitalization of $3.32 billion, a PE ratio of 41.60, a P/E/G ratio of 8.93 and a beta of 0.95. The stock has a 50 day simple moving average of $54.06 and a 200-day simple moving average of $51.94. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 1.61.

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

BlackLine Profile

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.