Artisan Partners Limited Partnership boosted its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 23.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 834,291 shares of the technology company’s stock after acquiring an additional 159,522 shares during the period. Artisan Partners Limited Partnership’s holdings in BlackLine were worth $32,713,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Chicago Equity Partners LLC raised its holdings in BlackLine by 5.0% in the first quarter. Chicago Equity Partners LLC now owns 26,050 shares of the technology company’s stock worth $1,021,000 after buying an additional 1,240 shares during the last quarter. Lisanti Capital Growth LLC raised its holdings in BlackLine by 33.1% in the fourth quarter. Lisanti Capital Growth LLC now owns 20,725 shares of the technology company’s stock worth $680,000 after buying an additional 5,155 shares during the last quarter. Metropolitan Life Insurance Co. NY purchased a new position in BlackLine in the fourth quarter worth about $175,000. California State Teachers Retirement System raised its holdings in BlackLine by 28.8% in the third quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock worth $853,000 after buying an additional 5,595 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new position in BlackLine in the first quarter worth about $229,000. 79.38% of the stock is owned by institutional investors.
Shares of BL stock opened at $40.24 on Friday. BlackLine, Inc. has a 52 week low of $28.79 and a 52 week high of $45.19. The company has a market capitalization of $2.16 billion, a PE ratio of -108.76 and a beta of -0.42.
BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Thursday, May 3rd. The technology company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. BlackLine had a negative net margin of 19.09% and a negative return on equity of 6.01%. The firm had revenue of $51.30 million during the quarter, compared to analyst estimates of $50.37 million. During the same period in the previous year, the business posted ($0.06) earnings per share. The business’s revenue for the quarter was up 34.3% on a year-over-year basis. research analysts anticipate that BlackLine, Inc. will post -0.26 EPS for the current fiscal year.
BL has been the subject of several recent analyst reports. Zacks Investment Research cut shares of BlackLine from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Robert W. Baird reaffirmed a “buy” rating on shares of BlackLine in a report on Friday, February 16th. KeyCorp lifted their target price on shares of BlackLine from $46.00 to $52.00 and gave the stock an “overweight” rating in a report on Monday, March 12th. BidaskClub raised shares of BlackLine from a “hold” rating to a “buy” rating in a report on Thursday, April 19th. Finally, ValuEngine raised shares of BlackLine from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $41.80.
In related news, Director Sumeru (Gp) L.L.C. Slta sold 3,500,000 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $40.05, for a total transaction of $140,175,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Chris Murphy sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $39.60, for a total transaction of $1,980,000.00. Following the sale, the executive now owns 68,872 shares of the company’s stock, valued at $2,727,331.20. The disclosure for this sale can be found here. Insiders sold 6,605,000 shares of company stock valued at $266,654,050 over the last quarter. Company insiders own 18.60% of the company’s stock.
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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