Invenomic Capital Management LP Purchases New Holdings 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 acquired a new stake in BlackLine (NASDAQ:BL - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 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 also recently bought and sold shares of the business. Hawk Ridge Capital Management LP grew its holdings in shares of BlackLine by 124.3% during the first quarter. Hawk Ridge Capital Management LP now owns 1,959,945 shares of the technology company's stock worth $94,901,000 after purchasing an additional 1,086,185 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in BlackLine by 106.4% in the first quarter. Westwood Holdings Group Inc. now owns 1,186,347 shares of the technology company's stock valued at $57,443,000 after purchasing an additional 611,499 shares during the period. American Century Companies Inc. lifted its position in BlackLine by 7.2% in the first quarter. American Century Companies Inc. now owns 961,341 shares of the technology company's stock valued at $46,548,000 after purchasing an additional 64,676 shares during the period. First Manhattan CO. LLC. lifted its position in BlackLine by 408.7% in the first quarter. First Manhattan CO. LLC. now owns 815,975 shares of the technology company's stock valued at $39,510,000 after purchasing an additional 655,565 shares during the period. Finally, Northern Trust Corp lifted its position in shares of BlackLine by 3.4% during the 1st quarter. Northern Trust Corp now owns 770,765 shares of the technology company's stock valued at $37,320,000 after acquiring an additional 25,368 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Michelle D. Stalick sold 664 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $54.03, for a total value of $35,875.92. Following the completion of the transaction, the chief accounting officer directly owned 23,830 shares in the company, valued at $1,287,534.90. This trade represents a 2.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BL has been the subject of several recent analyst reports. BMO Capital Markets lifted their target price on shares of BlackLine from $60.00 to $63.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Morgan Stanley boosted their price objective on shares of BlackLine from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Truist Financial boosted their price objective on shares of BlackLine from $45.00 to $50.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Wall Street Zen cut shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Raymond James Financial raised shares of BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 price objective for the company in a research note on Tuesday, July 29th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $60.58.

BlackLine Stock Up 1.7%

BL stock traded up $0.92 during trading on Thursday, reaching $54.58. The stock had a trading volume of 150,997 shares, compared to its average volume of 757,080. BlackLine has a 1-year low of $40.82 and a 1-year high of $66.25. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $3.38 billion, a P/E ratio of 42.32, a PEG ratio of 8.96 and a beta of 0.95. The firm has a fifty day moving average price of $53.99 and a 200 day moving average price of $51.95.

BlackLine (NASDAQ:BL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.01. The business had revenue of $172.03 million for 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%. The company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $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 anticipate that BlackLine will post 0.9 earnings per share for the current year.

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.