Stanley Laman Group Ltd. Sells 17,958 Shares of BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. lowered its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 14.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,543 shares of the technology company's stock after selling 17,958 shares during the quarter. BlackLine accounts for about 0.8% of Stanley Laman Group Ltd.'s holdings, making the stock its 23rd largest position. Stanley Laman Group Ltd. owned 0.18% of BlackLine worth $5,985,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BL. Quadrature Capital Ltd grew its position in BlackLine by 346.5% in the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company's stock valued at $2,055,000 after acquiring an additional 24,713 shares during the period. Cetera Investment Advisers acquired a new stake in shares of BlackLine during the 1st quarter worth about $1,572,000. Comerica Bank lifted its holdings in BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company's stock valued at $8,025,000 after purchasing an additional 13,066 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in BlackLine in the first quarter valued at about $2,000,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in BlackLine during the first quarter worth about $907,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

BL has been the subject of several research analyst reports. Truist Financial dropped their price objective on shares of BlackLine from $60.00 to $45.00 and set a "hold" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on BlackLine from $50.00 to $47.00 and set an "underweight" rating for the company in a research report on Wednesday, August 7th. Morgan Stanley upgraded shares of BlackLine from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Citigroup reduced their target price on shares of BlackLine from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Friday, June 28th. Finally, Piper Sandler dropped their price target on shares of BlackLine from $55.00 to $51.00 and set a "neutral" rating for the company in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and an average target price of $59.90.

Insider Activity

In other news, CFO Mark Partin sold 5,648 shares of the business's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company's stock, valued at approximately $12,022,732. The trade was a 0.00 % 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. In other news, CRO Mark Woodhams sold 1,387 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,873 shares of company stock valued at $8,340,243 over the last ninety days. 9.93% of the stock is currently owned by company insiders.

BlackLine Stock Down 1.2 %

Shares of BL traded down $0.71 during mid-day trading on Wednesday, hitting $56.86. 554,218 shares of the company's stock were exchanged, compared to its average volume of 900,798. The company has a 50-day simple moving average of $52.36 and a 200 day simple moving average of $52.04. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. The company has a market cap of $3.51 billion, a PE ratio of 247.22, a P/E/G ratio of 13.57 and a beta of 0.90. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. BlackLine's quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.69) earnings per share. On average, research analysts forecast that BlackLine, Inc. will post 0.96 earnings per share for the current fiscal year.

BlackLine Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.