BlackLine $BL Shares Bought by Gagnon Securities LLC

Gagnon Securities LLC boosted its holdings in BlackLine (NASDAQ:BL) by 38.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 520,030 shares of the technology company’s stock after acquiring an additional 144,261 shares during the period. BlackLine accounts for about 2.4% of Gagnon Securities LLC’s investment portfolio, making the stock its 18th largest position. Gagnon Securities LLC’s holdings in BlackLine were worth $13,796,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new stake in shares of BlackLine in the third quarter valued at about $25,000. Optiver Holding B.V. grew its position in shares of BlackLine by 13,828.6% in the first quarter. Optiver Holding B.V. now owns 975 shares of the technology company’s stock valued at $36,000 after purchasing an additional 968 shares during the last quarter. Sterling Capital Management LLC grew its position in shares of BlackLine by 824.0% in the third quarter. Sterling Capital Management LLC now owns 1,617 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,442 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of BlackLine by 258.0% in the third quarter. Farther Finance Advisors LLC now owns 1,908 shares of the technology company’s stock valued at $51,000 after purchasing an additional 1,375 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of BlackLine by 841.0% during the 3rd quarter. Parallel Advisors LLC now owns 2,343 shares of the technology company’s stock worth $62,000 after purchasing an additional 2,094 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Cantor Fitzgerald restated a “neutral” rating and set a $36.00 price objective on shares of BlackLine in a research report on Wednesday, August 5th. Citigroup lowered their target price on BlackLine from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley lowered their target price on BlackLine from $30.00 to $28.00 and set an “equal weight” rating on the stock in a report on Monday. Wall Street Zen downgraded BlackLine from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of BlackLine in a report on Monday, October 26th. 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. Based on data from MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus target price of $37.58.

Insider Buying and Selling at BlackLine

In other news, Director Therese Tucker sold 70,000 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $31.96, for a total transaction of $2,237,200.00. Following the sale, the director owned 381,557 shares in the company, valued at $12,194,561.72. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle D. Stalick sold 780 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $33.65, for a total value of $26,247.00. Following the sale, the chief accounting officer owned 34,712 shares in the company, valued at $1,168,058.80. This trade represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 9.10% of the company’s stock.

BlackLine Trading Up 0.3%

Shares of BL stock opened at $27.42 on Thursday. The firm has a 50-day moving average price of $30.01 and a 200 day moving average price of $32.20. BlackLine has a twelve month low of $24.70 and a twelve month high of $59.57. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.80 and a beta of 0.67. The company has a current ratio of 1.69, a quick ratio of 1.72 and a debt-to-equity ratio of 2.16.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Thursday, November 5th. The technology company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.01. The company had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $194.17 million. BlackLine had a net margin of 5.37% and a return on equity of 23.73%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the company earned $0.51 EPS. Research analysts forecast that BlackLine will post 1.00 earnings per share for the current fiscal year.

About BlackLine

BlackLine, Inc. provides cloud-based software that helps organizations automate accounting and finance operations. Its platform supports processes such as financial close management, account reconciliations, intercompany accounting, and financial reporting. The company’s products also help businesses manage accounts receivable and invoice-to-cash workflows, including cash application and collections. BlackLine’s software is designed to work alongside enterprise resource planning systems and other financial applications.