Select Equity Group L.P. Raises Holdings in BlackLine $BL

Select Equity Group L.P. raised its stake in shares of BlackLine (NASDAQ:BL - Free Report) by 350.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 98,506 shares of the technology company's stock after purchasing an additional 76,644 shares during the period. Select Equity Group L.P. owned 0.16% of BlackLine worth $4,770,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BL. Stifel Financial Corp boosted its holdings in shares of BlackLine by 60.2% during the 4th quarter. Stifel Financial Corp now owns 6,561 shares of the technology company's stock valued at $399,000 after purchasing an additional 2,465 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of BlackLine by 17.4% during the 4th quarter. Ameriprise Financial Inc. now owns 388,594 shares of the technology company's stock valued at $23,611,000 after purchasing an additional 57,708 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of BlackLine by 59.2% during the 4th quarter. Deutsche Bank AG now owns 53,811 shares of the technology company's stock valued at $3,270,000 after purchasing an additional 20,008 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of BlackLine by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,856 shares of the technology company's stock valued at $1,996,000 after purchasing an additional 1,273 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in shares of BlackLine by 0.3% during the 4th quarter. Nuveen Asset Management LLC now owns 156,487 shares of the technology company's stock valued at $9,508,000 after purchasing an additional 469 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JMP Securities reissued a "market outperform" rating and set a $80.00 price objective on shares of BlackLine in a report on Thursday. Cantor Fitzgerald initiated coverage on shares of BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price objective for the company. Morgan Stanley increased their price target on shares of BlackLine from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. DA Davidson reaffirmed a "neutral" rating and issued a $56.00 price target on shares of BlackLine in a report on Wednesday, August 6th. Finally, BMO Capital Markets increased their price target 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. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, BlackLine has a consensus rating of "Hold" and a consensus price target of $60.58.

Insider Activity 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 of the company's stock, 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 can be accessed through this link. Company insiders own 8.60% of the company's stock.

BlackLine Trading Down 1.5%

BlackLine stock traded down $0.80 during midday trading on Friday, reaching $54.29. The stock had a trading volume of 389,133 shares, compared to its average volume of 757,372. 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 52-week low of $40.82 and a 52-week high of $66.25. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 42.09, a price-to-earnings-growth ratio of 9.04 and a beta of 0.95. The company has a fifty day moving average of $53.87 and a 200 day moving average of $52.05.

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