BlackLine $BL Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its stake in shares of BlackLine (NASDAQ:BL) by 15.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 178,247 shares of the technology company’s stock after selling 33,187 shares during the period. Thrivent Financial for Lutherans owned about 0.29% of BlackLine worth $9,465,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of BlackLine during the second quarter valued at $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in BlackLine during the second quarter valued at about $33,000. Versant Capital Management Inc boosted its holdings in shares of BlackLine by 110.4% in the third quarter. Versant Capital Management Inc now owns 667 shares of the technology company’s stock worth $35,000 after buying an additional 350 shares during the period. CWM LLC increased its position in shares of BlackLine by 117.3% in the third quarter. CWM LLC now owns 1,243 shares of the technology company’s stock worth $66,000 after acquiring an additional 671 shares in the last quarter. Finally, Huntington National Bank raised its holdings in shares of BlackLine by 57.5% during the second quarter. Huntington National Bank now owns 1,235 shares of the technology company’s stock valued at $70,000 after acquiring an additional 451 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of BlackLine from $68.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Rosenblatt Securities lowered their price target on BlackLine from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Citigroup reissued a “market outperform” rating on shares of BlackLine in a research note on Tuesday, October 28th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of BlackLine in a research note on Tuesday, December 16th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $55.00 target price (down previously from $64.00) on shares of BlackLine in a report on Friday, November 7th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $59.83.

BlackLine Trading Down 7.1%

Shares of NASDAQ BL opened at $41.71 on Friday. The business has a 50 day simple moving average of $54.70 and a 200 day simple moving average of $53.98. BlackLine has a 52 week low of $40.82 and a 52 week high of $66.02. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 37.58, a PEG ratio of 8.53 and a beta of 0.86. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.52 and a current ratio of 1.52.

BlackLine (NASDAQ:BL) last posted its earnings results on Thursday, November 6th. The technology company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. BlackLine had a net margin of 11.07% and a return on equity of 14.51%. The firm had revenue of $178.29 million during the quarter, compared to analysts’ expectations of $178.11 million. During the same period in the previous year, the company earned $0.60 earnings per share. The company’s revenue was up 7.5% compared to the same quarter last year. On average, research analysts predict that BlackLine will post 0.9 earnings per share for the current fiscal year.

About BlackLine

BlackLine, Inc is a leading provider of cloud-based software solutions designed to automate and modernize the finance and accounting function. The company’s flagship offering, the BlackLine Finance Controls and Automation Platform, enables organizations to streamline critical processes such as account reconciliations, journal entry management, intercompany accounting, and transaction matching. By delivering a centralized, real-time view of financial data, BlackLine helps companies improve operational efficiency, enhance compliance and strengthen internal controls.

Key products and services within the BlackLine platform include Account Reconciliation, Task Management, Transaction Matching, Journal Entry, and Intercompany Hub.