Stanley Laman Group Ltd. Invests $278,000 in Blackline Inc (NASDAQ:BL)

Stanley Laman Group Ltd. bought a new position in shares of Blackline Inc (NASDAQ:BL) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,186 shares of the technology company’s stock, valued at approximately $278,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BL. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Blackline by 168.2% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,936,270 shares of the technology company’s stock worth $182,328,000 after purchasing an additional 2,468,448 shares in the last quarter. Riverbridge Partners LLC boosted its stake in Blackline by 33.7% in the second quarter. Riverbridge Partners LLC now owns 1,906,518 shares of the technology company’s stock valued at $102,018,000 after buying an additional 481,071 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Blackline by 114.8% in the second quarter. Janus Henderson Group PLC now owns 788,662 shares of the technology company’s stock valued at $42,201,000 after buying an additional 421,566 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in Blackline by 29.8% in the first quarter. Champlain Investment Partners LLC now owns 1,634,940 shares of the technology company’s stock valued at $75,730,000 after buying an additional 375,040 shares in the last quarter. Finally, FMR LLC boosted its stake in Blackline by 47.1% in the first quarter. FMR LLC now owns 1,130,651 shares of the technology company’s stock valued at $52,372,000 after buying an additional 361,839 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors.

In other news, CFO Mark Partin sold 10,000 shares of Blackline stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $53.36, for a total transaction of $533,600.00. Following the sale, the chief financial officer now directly owns 65,140 shares of the company’s stock, valued at $3,475,870.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 49,500 shares of company stock worth $2,653,195 over the last three months. Insiders own 15.77% of the company’s stock.

Several analysts recently weighed in on BL shares. Goldman Sachs Group lowered Blackline from a “buy” rating to a “sell” rating and reduced their price objective for the company from $57.00 to $41.00 in a research note on Tuesday, July 2nd. KeyCorp raised their price objective on Blackline from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Zacks Investment Research lowered Blackline from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. ValuEngine lowered Blackline from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, BidaskClub lowered Blackline from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Blackline has a consensus rating of “Hold” and an average price target of $53.00.

NASDAQ:BL traded up $0.28 during trading hours on Thursday, hitting $51.17. The company’s stock had a trading volume of 4,231 shares, compared to its average volume of 783,671. The stock has a fifty day simple moving average of $50.32. The stock has a market capitalization of $2.91 billion, a P/E ratio of -197.13 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35. Blackline Inc has a twelve month low of $34.01 and a twelve month high of $58.11.

Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.04. Blackline had a negative return on equity of 4.05% and a negative net margin of 10.20%. The firm had revenue of $69.70 million for the quarter, compared to analyst estimates of $67.74 million. During the same period last year, the firm posted $0.01 earnings per share. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. Equities research analysts forecast that Blackline Inc will post -0.27 EPS for the current fiscal year.

Blackline Company Profile

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

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Institutional Ownership by Quarter for Blackline (NASDAQ:BL)

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