OLD National Bancorp IN Makes New Investment in BlackLine, Inc. (NASDAQ:BL)

OLD National Bancorp IN bought a new position in shares of BlackLine, Inc. (NASDAQ:BL) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,237 shares of the technology company’s stock, valued at approximately $202,000.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of BlackLine by 6.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock valued at $369,349,000 after acquiring an additional 380,614 shares during the period. Conestoga Capital Advisors LLC raised its stake in shares of BlackLine by 3.5% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock valued at $88,342,000 after acquiring an additional 47,420 shares during the period. Meritage Group LP purchased a new stake in shares of BlackLine in the 3rd quarter valued at approximately $59,530,000. Northern Trust Corp raised its stake in shares of BlackLine by 16.7% in the 3rd quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock valued at $43,671,000 after acquiring an additional 112,684 shares during the period. Finally, UBS Group AG raised its stake in shares of BlackLine by 855.5% in the 3rd quarter. UBS Group AG now owns 657,004 shares of the technology company’s stock valued at $36,444,000 after acquiring an additional 588,245 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Wolfe Research assumed coverage on shares of BlackLine in a research note on Monday, March 18th. They set a “peer perform” rating on the stock. Citigroup cut their target price on shares of BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday. JMP Securities reaffirmed a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research note on Wednesday, February 14th. Finally, William Blair downgraded shares of BlackLine from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.20.

BlackLine Trading Up 3.3 %

NASDAQ BL opened at $60.83 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine, Inc. has a 52 week low of $47.26 and a 52 week high of $69.31. The stock has a market capitalization of $3.76 billion, a PE ratio of -608.30, a price-to-earnings-growth ratio of 10.65 and a beta of 0.86. The firm has a 50 day moving average of $62.10 and a two-hundred day moving average of $59.31.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The company had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. As a group, research analysts expect that BlackLine, Inc. will post 1.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas Unterman sold 750 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the sale, the director now owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.