BlackLine $BL Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in BlackLine by 27.2%, owning 164,427 shares valued at approximately $7.96 million as of its latest SEC filing.
• Despite a boost in institutional ownership, analyst ratings are mixed for BlackLine, with three sells, six holds, and five buys, resulting in an average rating of "Hold" and a consensus price target of $61.08.
• BlackLine reported earnings per share of $0.51 for the last quarter, slightly above the consensus estimate, with revenues up 7.2% year-over-year, totaling $172.03 million.

Public Sector Pension Investment Board boosted its stake in shares of BlackLine (NASDAQ:BL - Free Report) by 27.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,427 shares of the technology company's stock after buying an additional 35,192 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.26% of BlackLine worth $7,962,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. LPL Financial LLC grew its position in shares of BlackLine by 88.5% in the 4th quarter. LPL Financial LLC now owns 17,248 shares of the technology company's stock worth $1,048,000 after buying an additional 8,100 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of BlackLine by 62.9% in the 4th quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company's stock worth $5,869,000 after buying an additional 37,285 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of BlackLine by 16.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 149,369 shares of the technology company's stock worth $9,076,000 after buying an additional 21,459 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of BlackLine in the 4th quarter worth approximately $23,770,000. Finally, Synovus Financial Corp purchased a new position in shares of BlackLine in the 4th quarter worth approximately $689,000. Institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

BL has been the topic of several recent research reports. Zacks Research raised shares of BlackLine to a "strong sell" rating in a report on Friday, August 8th. BMO Capital Markets upped their price objective on shares of BlackLine from $60.00 to $63.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. Cantor Fitzgerald initiated coverage on shares of BlackLine in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price objective on the stock. Truist Financial upped their price objective on shares of BlackLine from $45.00 to $50.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Citigroup reaffirmed a "buy" rating and issued a $67.00 price objective (up from $58.00) on shares of BlackLine in a report on Wednesday, July 16th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $61.08.

BlackLine Stock Performance

NASDAQ:BL traded up $0.88 during midday trading on Monday, reaching $51.71. The stock had a trading volume of 360,390 shares, compared to its average volume of 755,363. The stock has a market cap of $3.20 billion, a P/E ratio of 40.10, a P/E/G ratio of 8.34 and a beta of 0.91. BlackLine has a 12-month low of $40.82 and a 12-month high of $66.25. The firm has a fifty day simple moving average of $54.92 and a two-hundred day simple moving average of $52.40. 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 quarterly earnings data on Tuesday, August 5th. The technology company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. BlackLine had a net margin of 13.05% and a return on equity of 15.95%. The business had revenue of $172.03 million for the quarter, compared to analyst estimates of $170.87 million. During the same period in the previous year, the firm earned $0.58 EPS. The business's revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities analysts expect that BlackLine will post 0.9 EPS for the current year.

Insider Activity

In related news, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total transaction of $43,836.30. Following the completion of the sale, the chief accounting officer owned 25,235 shares of the company's stock, valued at approximately $1,391,457.90. This represents a 3.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the sale, the executive directly owned 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.60% of the company's stock.

BlackLine Company 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.