Russell Investments Group Ltd. Sells 14,077 Shares of Blackline Inc (BL)
Russell Investments Group Ltd. trimmed its position in Blackline Inc (NASDAQ:BL) by 9.1% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 140,937 shares of the technology company’s stock after selling 14,077 shares during the period. Russell Investments Group Ltd. owned about 0.27% of Blackline worth $4,809,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Conestoga Capital Advisors LLC acquired a new position in shares of Blackline in the 3rd quarter valued at $21,740,000. New York State Common Retirement Fund lifted its stake in shares of Blackline by 483.5% in the 3rd quarter. New York State Common Retirement Fund now owns 77,017 shares of the technology company’s stock valued at $2,628,000 after purchasing an additional 63,817 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Blackline by 28.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 54,803 shares of the technology company’s stock valued at $1,870,000 after purchasing an additional 12,121 shares during the period. Rhumbline Advisers lifted its stake in shares of Blackline by 20.3% in the 3rd quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock valued at $520,000 after purchasing an additional 2,570 shares during the period. Finally, Fortaleza Asset Management Inc. lifted its stake in shares of Blackline by 98.2% in the 3rd quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock valued at $212,000 after purchasing an additional 3,080 shares during the period. Hedge funds and other institutional investors own 79.28% of the company’s stock.
BL has been the topic of a number of analyst reports. SunTrust Banks reissued a “buy” rating and issued a $42.00 price target on shares of Blackline in a research note on Friday, November 3rd. KeyCorp reissued a “buy” rating and issued a $39.00 price target on shares of Blackline in a research note on Sunday, October 22nd. BidaskClub raised Blackline from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 14th. JMP Securities raised Blackline from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 16th. Finally, Robert W. Baird set a $42.00 price target on Blackline and gave the company a “buy” rating in a research note on Sunday, October 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.74.
In related news, insider Mario Spanicciati sold 10,625 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $32.99, for a total transaction of $350,518.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Therese Tucker sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total value of $70,620.00. The disclosure for this sale can be found here. Insiders have sold a total of 4,644,375 shares of company stock worth $158,358,885 in the last ninety days. 22.35% of the stock is currently owned by company insiders.
Shares of Blackline Inc (NASDAQ BL) opened at $34.62 on Wednesday. Blackline Inc has a 12 month low of $24.14 and a 12 month high of $40.28.
Blackline (NASDAQ:BL) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. The business had revenue of $45.90 million for the quarter, compared to the consensus estimate of $44.07 million. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The firm’s revenue was up 42.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. sell-side analysts anticipate that Blackline Inc will post -0.42 EPS for the current year.
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Blackline Company Profile
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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