Riverbridge Partners LLC Has $90.50 Million Stake in Blackline Inc (NASDAQ:BL)

Riverbridge Partners LLC trimmed its holdings in Blackline Inc (NASDAQ:BL) by 0.7% in the third quarter, Holdings Channel reports. The institutional investor owned 1,892,974 shares of the technology company’s stock after selling 13,544 shares during the period. Blackline makes up 1.7% of Riverbridge Partners LLC’s holdings, making the stock its 18th largest holding. Riverbridge Partners LLC’s holdings in Blackline were worth $90,503,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BL. Conestoga Capital Advisors LLC increased its stake in Blackline by 2.6% in the second quarter. Conestoga Capital Advisors LLC now owns 1,149,659 shares of the technology company’s stock valued at $61,518,000 after acquiring an additional 29,432 shares during the last quarter. Natixis Advisors L.P. increased its stake in Blackline by 9.4% in the second quarter. Natixis Advisors L.P. now owns 22,744 shares of the technology company’s stock valued at $1,217,000 after acquiring an additional 1,947 shares during the last quarter. Hardy Reed LLC bought a new position in Blackline in the second quarter valued at approximately $212,000. Gradient Investments LLC increased its stake in Blackline by 78.8% in the second quarter. Gradient Investments LLC now owns 21,807 shares of the technology company’s stock valued at $1,167,000 after acquiring an additional 9,613 shares during the last quarter. Finally, Aperio Group LLC bought a new position in Blackline in the second quarter valued at approximately $38,000. Institutional investors own 83.94% of the company’s stock.

NASDAQ BL opened at $47.83 on Friday. The firm’s fifty day moving average price is $49.14 and its two-hundred day moving average price is $49.61. The stock has a market cap of $2.63 billion, a PE ratio of -183.96 and a beta of 0.77. Blackline Inc has a fifty-two week low of $34.01 and a fifty-two week high of $56.29. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.35 and a current ratio of 1.35.

Blackline (NASDAQ:BL) last posted its earnings results on Thursday, August 1st. The technology company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. The firm had revenue of $69.70 million for the quarter, compared to analysts’ expectations of $67.74 million. Blackline had a negative net margin of 10.20% and a negative return on equity of 4.05%. The company’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. As a group, sell-side analysts predict that Blackline Inc will post -0.28 earnings per share for the current fiscal year.

In other Blackline news, CFO Mark Partin sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $50.99, for a total transaction of $509,900.00. Following the sale, the chief financial officer now owns 64,294 shares of the company’s stock, valued at $3,278,351.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 40,000 shares of company stock worth $2,152,500. Insiders own 15.77% of the company’s stock.

A number of research analysts recently issued reports on BL shares. KeyCorp lifted their price objective on shares of Blackline from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. ValuEngine cut shares of Blackline from a “buy” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research cut shares of Blackline from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. First Analysis began coverage on shares of Blackline in a research note on Friday, October 4th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Goldman Sachs Group cut shares of Blackline from a “buy” rating to a “sell” rating and decreased their target price for the stock from $57.00 to $41.00 in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Blackline currently has an average rating of “Hold” and a consensus price target of $53.60.

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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