BlackLine, Inc. (NASDAQ:BL) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 1,087,678 shares, a drop of 24.0% from the February 28th total of 1,430,728 shares. Based on an average daily trading volume, of 950,294 shares, the days-to-cover ratio is currently 1.1 days. Currently, 3.1% of the shares of the stock are short sold.
In related news, CEO Therese Tucker sold 340,000 shares of the firm’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $40.75, for a total transaction of $13,855,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Chris Murphy sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $39.60, for a total value of $1,980,000.00. Following the transaction, the executive now directly owns 68,872 shares of the company’s stock, valued at approximately $2,727,331.20. The disclosure for this sale can be found here. Insiders have sold 3,090,000 shares of company stock valued at $125,860,000 in the last ninety days. Company insiders own 22.35% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY purchased a new stake in shares of BlackLine during the fourth quarter valued at $175,000. Wolverine Trading LLC purchased a new stake in shares of BlackLine during the third quarter valued at $246,000. MetLife Investment Advisors LLC purchased a new stake in BlackLine in the 4th quarter worth about $248,000. First Republic Investment Management Inc. purchased a new stake in BlackLine in the 3rd quarter worth about $257,000. Finally, PEAK6 Investments L.P. purchased a new stake in BlackLine in the 3rd quarter worth about $267,000. 79.54% of the stock is owned by institutional investors and hedge funds.
BlackLine (NASDAQ:BL) last announced its earnings results on Thursday, February 15th. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.12. BlackLine had a negative return on equity of 6.53% and a negative net margin of 21.50%. The business had revenue of $50.23 million during the quarter, compared to the consensus estimate of $47.69 million. During the same period in the prior year, the business posted ($0.08) earnings per share. BlackLine’s revenue was up 42.1% compared to the same quarter last year. sell-side analysts anticipate that BlackLine will post -0.28 EPS for the current year.
Several research analysts recently weighed in on the company. BidaskClub cut BlackLine from a “sell” rating to a “strong sell” rating in a research note on Friday, January 26th. SunTrust Banks cut BlackLine from a “buy” rating to a “hold” rating and set a $43.00 target price for the company. in a research note on Monday, March 19th. They noted that the move was a valuation call. KeyCorp reaffirmed a “buy” rating and set a $46.00 target price on shares of BlackLine in a research note on Thursday, February 15th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of BlackLine in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $39.12.
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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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