Pier Capital LLC Decreases Holdings in BlackLine, Inc. (NASDAQ:BL)

Pier Capital LLC cut its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 0.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,551 shares of the technology company’s stock after selling 420 shares during the quarter. Pier Capital LLC owned approximately 0.17% of BlackLine worth $11,871,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Guidance Point Advisors LLC purchased a new stake in shares of BlackLine during the 3rd quarter valued at $26,000. Strategic Blueprint LLC purchased a new stake in BlackLine in the 2nd quarter worth about $40,000. HM Payson & Co. increased its holdings in BlackLine by 2,156.9% in the 2nd quarter. HM Payson & Co. now owns 1,151 shares of the technology company’s stock worth $128,000 after acquiring an additional 1,100 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in BlackLine by 133.4% in the 3rd quarter. Harbor Investment Advisory LLC now owns 1,669 shares of the technology company’s stock worth $197,000 after acquiring an additional 954 shares during the last quarter. Finally, Fulton Bank N.A. purchased a new stake in BlackLine in the 3rd quarter worth about $201,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

Shares of BL traded down $2.03 during trading hours on Friday, reaching $87.69. 9,927 shares of the company’s stock traded hands, compared to its average volume of 363,392. The stock has a market cap of $5.14 billion, a PE ratio of -54.71 and a beta of 0.80. The company has a current ratio of 5.08, a quick ratio of 5.08 and a debt-to-equity ratio of 3.22. The firm’s 50 day simple moving average is $108.87 and its 200-day simple moving average is $114.13. BlackLine, Inc. has a 12 month low of $89.61 and a 12 month high of $154.61.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Thursday, November 4th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.13. The firm had revenue of $109.40 million during the quarter, compared to the consensus estimate of $107.06 million. BlackLine had a negative return on equity of 4.02% and a negative net margin of 23.43%. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter last year, the company posted $0.02 EPS. As a group, analysts expect that BlackLine, Inc. will post -0.45 earnings per share for the current fiscal year.

In other BlackLine news, CFO Mark Partin sold 5,000 shares of BlackLine stock in a transaction that occurred on Friday, December 10th. The stock was sold at an average price of $105.85, for a total value of $529,250.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Therese Tucker sold 29,575 shares of BlackLine stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $124.84, for a total value of $3,692,143.00. The disclosure for this sale can be found here. Insiders sold a total of 166,003 shares of company stock valued at $20,301,753 in the last 90 days. 10.07% of the stock is currently owned by corporate insiders.

Several equities research analysts recently weighed in on the company. BTIG Research reissued a “buy” rating and issued a $149.00 price objective on shares of BlackLine in a report on Friday, November 5th. Piper Sandler reduced their target price on BlackLine from $155.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday. Oppenheimer lifted their target price on BlackLine from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, November 5th. Finally, Zacks Investment Research raised BlackLine from a “sell” rating to a “hold” rating in a report on Wednesday, November 3rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, BlackLine presently has an average rating of “Buy” and an average price target of $139.89.

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.

Further Reading: Do equity income investments outperform growth and income investments?

Want to see what other hedge funds are holding BL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackLine, Inc. (NASDAQ:BL).

Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

Receive News & Ratings for BlackLine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackLine and related companies with MarketBeat.com's FREE daily email newsletter.