Millennium Management LLC Raises Stake in Blackline Inc (BL)

Millennium Management LLC lifted its holdings in shares of Blackline Inc (NASDAQ:BL) by 101.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,665 shares of the technology company’s stock after purchasing an additional 41,688 shares during the quarter. Millennium Management LLC’s holdings in Blackline were worth $3,385,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. lifted its position in shares of Blackline by 7.8% during the fourth quarter. BlackRock Inc. now owns 2,664,570 shares of the technology company’s stock worth $109,115,000 after purchasing an additional 192,724 shares in the last quarter. Riverbridge Partners LLC raised its holdings in Blackline by 94.9% in the fourth quarter. Riverbridge Partners LLC now owns 1,611,836 shares of the technology company’s stock valued at $66,005,000 after acquiring an additional 784,889 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Blackline in the fourth quarter valued at approximately $60,107,000. Brown Advisory Inc. raised its holdings in Blackline by 16.6% in the fourth quarter. Brown Advisory Inc. now owns 1,165,308 shares of the technology company’s stock valued at $47,719,000 after acquiring an additional 166,082 shares in the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in Blackline by 6.0% in the fourth quarter. Conestoga Capital Advisors LLC now owns 1,110,837 shares of the technology company’s stock valued at $45,489,000 after acquiring an additional 62,582 shares in the last quarter. 85.80% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:BL opened at $47.60 on Friday. The company has a market capitalization of $2.62 billion, a P/E ratio of -183.08 and a beta of 1.02. Blackline Inc has a fifty-two week low of $34.01 and a fifty-two week high of $58.11.

Blackline (NASDAQ:BL) last issued its earnings results on Thursday, February 14th. The technology company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.12. Blackline had a negative net margin of 12.21% and a negative return on equity of 4.52%. The firm had revenue of $62.32 million for the quarter, compared to analysts’ expectations of $61.65 million. During the same quarter last year, the company earned $0.06 earnings per share. The firm’s revenue was up 24.6% compared to the same quarter last year. Equities analysts forecast that Blackline Inc will post -0.29 EPS for the current year.

In other Blackline news, CEO Therese Tucker sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $48.16, for a total transaction of $24,080,000.00. Following the sale, the chief executive officer now owns 63,672 shares of the company’s stock, valued at $3,066,443.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mario Spanicciati sold 400,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $48.16, for a total transaction of $19,264,000.00. Following the sale, the insider now directly owns 11,812 shares in the company, valued at approximately $568,865.92. The disclosure for this sale can be found here. 15.77% of the stock is currently owned by company insiders.

Several analysts recently weighed in on BL shares. Zacks Investment Research raised shares of Blackline from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, January 1st. BidaskClub raised shares of Blackline from a “hold” rating to a “buy” rating in a report on Friday, December 21st. Goldman Sachs Group reaffirmed a “buy” rating and issued a $53.00 target price on shares of Blackline in a report on Friday, February 1st. KeyCorp reaffirmed a “buy” rating and issued a $56.00 target price on shares of Blackline in a report on Thursday, February 14th. Finally, Raymond James cut shares of Blackline from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Blackline currently has a consensus rating of “Buy” and an average price target of $54.50.

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Blackline Profile

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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Institutional Ownership by Quarter for Blackline (NASDAQ:BL)

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