Granite Investment Partners LLC Sells 1,116 Shares of BlackLine $BL

Granite Investment Partners LLC cut its holdings in BlackLine (NASDAQ:BL) by 1.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 95,348 shares of the technology company’s stock after selling 1,116 shares during the quarter. Granite Investment Partners LLC’s holdings in BlackLine were worth $5,399,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Parkside Financial Bank & Trust boosted its holdings in BlackLine by 9.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,618 shares of the technology company’s stock valued at $148,000 after purchasing an additional 225 shares during the period. Hsbc Holdings PLC boosted its stake in shares of BlackLine by 3.8% in the first quarter. Hsbc Holdings PLC now owns 8,410 shares of the technology company’s stock valued at $405,000 after buying an additional 305 shares during the period. Atria Investments Inc grew its position in BlackLine by 5.7% during the second quarter. Atria Investments Inc now owns 5,897 shares of the technology company’s stock worth $334,000 after buying an additional 316 shares in the last quarter. Ceera Investments LLC increased its stake in BlackLine by 2.3% during the 2nd quarter. Ceera Investments LLC now owns 18,844 shares of the technology company’s stock worth $1,067,000 after acquiring an additional 430 shares during the period. Finally, Huntington National Bank raised its holdings in BlackLine by 57.5% in the 2nd quarter. Huntington National Bank now owns 1,235 shares of the technology company’s stock valued at $70,000 after acquiring an additional 451 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BL shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of BlackLine in a research note on Monday, November 24th. Morgan Stanley lifted their price objective on shares of BlackLine from $68.00 to $73.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Baird R W downgraded shares of BlackLine from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of BlackLine in a research note on Thursday, September 11th. Finally, BMO Capital Markets decreased their price target on BlackLine from $63.00 to $57.00 and set a “market perform” rating on the stock in a research note on Friday, November 7th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average target price of $60.92.

Insider Buying and Selling

In other news, Director Thomas Unterman sold 910 shares of BlackLine stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $55.00, for a total transaction of $50,050.00. Following the sale, the director directly owned 41,835 shares of the company’s stock, valued at approximately $2,300,925. This trade represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.60% of the company’s stock.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $56.09 on Tuesday. BlackLine has a one year low of $40.82 and a one year high of $66.25. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.52 and a quick ratio of 1.52. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 50.53, a PEG ratio of 13.56 and a beta of 0.88. The firm has a 50 day simple moving average of $53.77 and a 200 day simple moving average of $54.39.

BlackLine (NASDAQ:BL) last posted its earnings results on Thursday, November 6th. The technology company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. BlackLine had a net margin of 11.07% and a return on equity of 14.51%. The firm had revenue of $178.29 million for the quarter, compared to analysts’ expectations of $178.11 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The company’s revenue was up 7.5% on a year-over-year basis. BlackLine has set its FY 2025 guidance at 2.080-2.130 EPS. Q4 2025 guidance at 0.580-0.610 EPS. Research analysts predict that BlackLine will post 0.9 earnings per share for the current fiscal year.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.