PNC Financial Services Group Inc. lessened its stake in Blackline Inc (NASDAQ:BL) by 3.0% in the third quarter, Holdings Channel reports. The institutional investor owned 56,399 shares of the technology company’s stock after selling 1,720 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Blackline were worth $3,185,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in BL. Voya Investment Management LLC boosted its holdings in Blackline by 7,483.3% in the second quarter. Voya Investment Management LLC now owns 798,600 shares of the technology company’s stock worth $34,683,000 after purchasing an additional 788,069 shares during the period. FMR LLC boosted its holdings in Blackline by 93.5% in the second quarter. FMR LLC now owns 1,164,894 shares of the technology company’s stock worth $50,591,000 after purchasing an additional 562,866 shares during the period. BlackRock Inc. boosted its holdings in Blackline by 28.3% in the second quarter. BlackRock Inc. now owns 2,313,609 shares of the technology company’s stock worth $100,480,000 after purchasing an additional 510,750 shares during the period. Granite Investment Partners LLC acquired a new position in Blackline in the second quarter worth $14,349,000. Finally, Artisan Partners Limited Partnership boosted its holdings in Blackline by 36.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,140,378 shares of the technology company’s stock worth $49,527,000 after purchasing an additional 306,087 shares during the period. 81.68% of the stock is owned by hedge funds and other institutional investors.
BL has been the subject of a number of research reports. BidaskClub downgraded shares of Blackline from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. KeyCorp lifted their price objective on shares of Blackline from $52.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, September 18th. CIBC assumed coverage on shares of Blackline in a report on Friday, October 19th. They issued a “market perform” rating for the company. Zacks Investment Research raised shares of Blackline from a “sell” rating to a “hold” rating in a report on Thursday, September 6th. Finally, Robert W. Baird reduced their price target on shares of Blackline from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Blackline has a consensus rating of “Hold” and an average price target of $45.20.
Shares of BL opened at $39.79 on Friday. Blackline Inc has a 1 year low of $31.53 and a 1 year high of $58.11. The firm has a market cap of $2.27 billion, a PE ratio of -107.54 and a beta of 0.95.
Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.15. Blackline had a negative net margin of 12.02% and a negative return on equity of 3.58%. The company had revenue of $58.70 million during the quarter, compared to the consensus estimate of $57.64 million. During the same quarter in the previous year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was up 29.3% compared to the same quarter last year. Sell-side analysts expect that Blackline Inc will post -0.27 EPS for the current year.
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BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.
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