Tremblant Capital Group trimmed its position in shares of Blackline Inc (NASDAQ:BL) by 32.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 215,104 shares of the technology company’s stock after selling 102,917 shares during the quarter. Blackline makes up about 0.7% of Tremblant Capital Group’s investment portfolio, making the stock its 28th largest holding. Tremblant Capital Group owned approximately 0.39% of Blackline worth $11,510,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Conestoga Capital Advisors LLC lifted its holdings in shares of Blackline by 2.6% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,149,659 shares of the technology company’s stock valued at $61,518,000 after buying an additional 29,432 shares during the last quarter. Icon Wealth Partners LLC acquired a new stake in shares of Blackline during the 1st quarter valued at about $34,000. Hardy Reed LLC bought a new position in shares of Blackline in the 2nd quarter valued at approximately $212,000. Gradient Investments LLC raised its stake in shares of Blackline by 78.8% in the 2nd quarter. Gradient Investments LLC now owns 21,807 shares of the technology company’s stock valued at $1,167,000 after acquiring an additional 9,613 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new position in shares of Blackline in the 2nd quarter valued at approximately $680,000. Institutional investors and hedge funds own 83.94% of the company’s stock.
Shares of BL traded up $0.87 on Monday, reaching $49.49. 50,977 shares of the stock traded hands, compared to its average volume of 486,135. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -190.35 and a beta of 0.78. 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 12 month low of $34.01 and a 12 month high of $58.11. The stock’s 50-day moving average price is $50.72 and its 200-day moving average price is $49.74.
Blackline (NASDAQ:BL) last released its quarterly earnings data on Thursday, August 1st. The technology company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.04. The business had revenue of $69.70 million for the quarter, compared to analysts’ expectations of $67.74 million. Blackline had a negative return on equity of 4.05% and a negative net margin of 10.20%. Blackline’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 earnings per share. As a group, equities research analysts forecast that Blackline Inc will post -0.27 earnings per share for the current fiscal year.
BL has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Blackline from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. BidaskClub raised Blackline from a “sell” rating to a “hold” rating in a research note on Thursday. ValuEngine downgraded Blackline from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. Goldman Sachs Group downgraded Blackline from a “buy” rating to a “sell” rating and cut their price objective for the company from $57.00 to $41.00 in a research note on Tuesday, July 2nd. Finally, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.00.
In other Blackline news, CFO Mark Partin sold 20,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $54.75, for a total value of $1,095,000.00. Following the transaction, the chief financial officer now owns 75,140 shares of the company’s stock, valued at $4,113,915. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Morgan Karole Prager sold 10,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $54.76, for a total value of $547,600.00. Following the completion of the transaction, the insider now directly owns 34,053 shares in the company, valued at approximately $1,864,742.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,000 shares of company stock worth $2,686,100. 15.77% of the stock is owned by insiders.
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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