BlackLine $BL Shares Acquired by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its stake in BlackLine by 15.5%, now holding approximately 0.50% of the company's shares, valued at $15.07 million.
• Institutional investors hold 95.13% of BlackLine's stock, with several firms significantly increasing their positions in the past quarter.
• Recent analyst ratings for BlackLine show mixed reviews, with five analysts giving a "Buy" rating and others downgrading to "Hold" or "Sell," resulting in an average target price of $61.08.

Royal Bank of Canada grew its position in BlackLine (NASDAQ:BL - Free Report) by 15.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 311,247 shares of the technology company's stock after buying an additional 41,653 shares during the quarter. Royal Bank of Canada owned 0.50% of BlackLine worth $15,070,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Management One Co. Ltd. boosted its holdings in BlackLine by 67.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 2,122 shares of the technology company's stock valued at $103,000 after acquiring an additional 856 shares during the period. KBC Group NV increased its holdings in BlackLine by 33.9% during the 1st quarter. KBC Group NV now owns 2,919 shares of the technology company's stock worth $141,000 after purchasing an additional 739 shares during the period. Virtus Advisers LLC acquired a new stake in BlackLine in the 1st quarter valued at about $182,000. Bayforest Capital Ltd boosted its stake in shares of BlackLine by 282.6% in the 1st 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 period. Finally, Xponance Inc. grew its position in shares of BlackLine by 6.8% during the first quarter. Xponance Inc. now owns 4,422 shares of the technology company's stock worth $214,000 after buying an additional 280 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BL shares. Raymond James Financial raised shares of BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 target price on the stock in a report on Tuesday, July 29th. DA Davidson reaffirmed a "neutral" rating and set a $56.00 price objective on shares of BlackLine in a research report on Wednesday, August 6th. BMO Capital Markets boosted 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. Cantor Fitzgerald began coverage on BlackLine in a research note on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price target on the stock. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $80.00 price target on shares of BlackLine in a report on Thursday, September 11th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, BlackLine currently has a consensus rating of "Hold" and a consensus price target of $60.58.

Insider Buying and Selling at BlackLine

In other news, CAO Michelle D. Stalick sold 664 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $54.03, for a total transaction of $35,875.92. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.60% of the company's stock.

BlackLine Stock Performance

BL traded up $0.31 on Tuesday, reaching $54.67. The company had a trading volume of 458,406 shares, compared to its average volume of 697,920. 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 has a 1 year low of $40.82 and a 1 year high of $66.25. The stock has a market capitalization of $3.38 billion, a PE ratio of 42.38, a P/E/G ratio of 8.92 and a beta of 0.95. The stock has a 50-day moving average price of $53.76 and a 200-day moving average price of $52.14.

BlackLine (NASDAQ:BL - Get Free Report) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. The business had revenue of $172.03 million for the quarter, compared to analysts' expectations of $170.87 million. BlackLine had a return on equity of 15.95% and a net margin of 13.05%.The business's revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $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. As a group, research analysts forecast that BlackLine will post 0.9 EPS for the current fiscal year.

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.