Russell Investments Group Ltd. Sells 47,510 Shares of Blackline Inc (BL)

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Russell Investments Group Ltd. reduced its position in Blackline Inc (NASDAQ:BL) by 31.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,520 shares of the technology company’s stock after selling 47,510 shares during the period. Russell Investments Group Ltd. owned approximately 0.20% of Blackline worth $4,585,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Architects Inc purchased a new stake in Blackline in the 2nd quarter valued at $102,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Blackline in the 2nd quarter valued at $206,000. Amalgamated Bank purchased a new stake in Blackline in the 2nd quarter valued at $214,000. Legal & General Group Plc raised its position in Blackline by 47.8% in the 1st quarter. Legal & General Group Plc now owns 5,500 shares of the technology company’s stock valued at $215,000 after buying an additional 1,779 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Blackline in the 1st quarter valued at $229,000. Institutional investors own 82.90% of the company’s stock.

In other news, CRO Chris Murphy sold 15,000 shares of the firm’s stock in a transaction on Monday, June 18th. The stock was sold at an average price of $49.05, for a total transaction of $735,750.00. Following the completion of the sale, the executive now directly owns 33,872 shares of the company’s stock, valued at approximately $1,661,421.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Partin sold 25,135 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $48.91, for a total value of $1,229,352.85. Following the sale, the chief financial officer now directly owns 52,407 shares of the company’s stock, valued at $2,563,226.37. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,829 shares of company stock valued at $14,881,033. Insiders own 18.60% of the company’s stock.

A number of equities research analysts recently commented on BL shares. BidaskClub raised Blackline from a “hold” rating to a “buy” rating in a research report on Wednesday, June 6th. Zacks Investment Research lowered Blackline from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given 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 target price of $41.80.

Shares of Blackline stock opened at $56.59 on Friday. Blackline Inc has a 1 year low of $31.53 and a 1 year high of $57.09. The firm has a market cap of $2.96 billion, a PE ratio of -152.95 and a beta of -0.19.

Blackline (NASDAQ:BL) last announced its earnings results on Thursday, August 2nd. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. Blackline had a negative return on equity of 7.59% and a negative net margin of 17.03%. The firm had revenue of $55.45 million during the quarter, compared to analyst estimates of $53.66 million. During the same period last year, the firm posted ($0.03) EPS. The business’s revenue was up 32.1% compared to the same quarter last year. sell-side analysts predict that Blackline Inc will post -0.32 earnings per share for the current year.

Blackline Company Profile

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.

Further Reading: Leveraged Buyout (LBO) Explained

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Institutional Ownership by Quarter for Blackline (NASDAQ:BL)

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