Alliancebernstein L.P. Raises Stock Position in BlackLine, Inc. (NASDAQ:BL)

Alliancebernstein L.P. increased its stake in BlackLine, Inc. (NASDAQ:BL) by 41.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,312,053 shares of the technology company’s stock after purchasing an additional 384,024 shares during the quarter. Alliancebernstein L.P. owned 2.25% of BlackLine worth $154,901,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Guidance Point Advisors LLC purchased a new position in shares of BlackLine during the 3rd quarter worth $26,000. Strategic Blueprint LLC purchased a new position in shares of BlackLine during the 2nd quarter worth $40,000. HM Payson & Co. boosted its stake in shares of BlackLine by 2,156.9% during the 2nd quarter. HM Payson & Co. now owns 1,151 shares of the technology company’s stock worth $128,000 after acquiring an additional 1,100 shares during the last quarter. Harbor Investment Advisory LLC boosted its stake in shares of BlackLine by 133.4% during the 3rd quarter. Harbor Investment Advisory LLC now owns 1,669 shares of the technology company’s stock worth $197,000 after acquiring an additional 954 shares during the last quarter. Finally, Fulton Bank N.A. purchased a new position in shares of BlackLine during the 3rd quarter worth $201,000. Institutional investors own 97.37% of the company’s stock.

BL stock opened at $88.96 on Friday. BlackLine, Inc. has a 12 month low of $87.08 and a 12 month high of $154.61. The company has a quick ratio of 5.08, a current ratio of 5.08 and a debt-to-equity ratio of 3.22. The company has a 50-day moving average price of $108.06 and a 200 day moving average price of $113.96.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Thursday, November 4th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.13. The company had revenue of $109.40 million during the quarter, compared to analysts’ expectations of $107.06 million. BlackLine had a negative net margin of 23.43% and a negative return on equity of 4.02%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 EPS. As a group, research analysts forecast that BlackLine, Inc. will post -0.45 earnings per share for the current fiscal year.

In other news, insider Therese Tucker sold 38,665 shares of the company’s stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $125.05, for a total value of $4,835,058.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Partin sold 3,543 shares of the company’s stock in a transaction that occurred on Monday, October 18th. The stock was sold at an average price of $125.38, for a total transaction of $444,221.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,003 shares of company stock valued at $20,301,753. 10.07% of the stock is owned by corporate insiders.

Several analysts have recently commented on BL shares. BTIG Research restated a “buy” rating and set a $149.00 price objective on shares of BlackLine in a research report on Friday, November 5th. Piper Sandler decreased their price objective on shares of BlackLine from $155.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday. Zacks Investment Research upgraded shares of BlackLine from a “sell” rating to a “hold” rating in a research report on Wednesday, November 3rd. Finally, Oppenheimer raised their price objective on shares of BlackLine from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, November 5th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $139.89.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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