Renaissance Technologies LLC lowered its holdings in Blackline Inc (NASDAQ:BL) by 65.2% in the third quarter, HoldingsChannel reports. The firm owned 118,590 shares of the technology company’s stock after selling 222,550 shares during the quarter. Renaissance Technologies LLC’s holdings in Blackline were worth $6,697,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in BL. BlackRock Inc. grew its position in shares of Blackline by 6.8% in the 3rd quarter. BlackRock Inc. now owns 2,471,846 shares of the technology company’s stock valued at $139,583,000 after acquiring an additional 158,237 shares during the period. FMR LLC grew its position in shares of Blackline by 93.5% in the 2nd quarter. FMR LLC now owns 1,164,894 shares of the technology company’s stock valued at $50,591,000 after acquiring an additional 562,866 shares during the period. Wells Fargo & Company MN grew its position in shares of Blackline by 10.1% in the 3rd quarter. Wells Fargo & Company MN now owns 1,102,411 shares of the technology company’s stock valued at $62,253,000 after acquiring an additional 101,344 shares during the period. Conestoga Capital Advisors LLC grew its position in shares of Blackline by 15.2% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,048,255 shares of the technology company’s stock valued at $59,195,000 after acquiring an additional 138,055 shares during the period. Finally, Brown Advisory Inc. grew its position in shares of Blackline by 2.8% in the 3rd quarter. Brown Advisory Inc. now owns 999,226 shares of the technology company’s stock valued at $56,427,000 after acquiring an additional 27,190 shares during the period. 81.56% of the stock is owned by institutional investors and hedge funds.
Shares of Blackline stock opened at $42.67 on Friday. Blackline Inc has a twelve month low of $31.53 and a twelve month high of $58.11. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -115.32 and a beta of 0.87.
Blackline (NASDAQ:BL) last issued its quarterly earnings data on Thursday, November 1st. The technology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.15. Blackline had a negative net margin of 12.02% and a negative return on equity of 3.58%. The business had revenue of $58.70 million during the quarter, compared to analysts’ expectations of $57.64 million. During the same quarter in the previous year, the company earned ($0.01) EPS. The business’s revenue was up 29.3% on a year-over-year basis. Equities analysts expect that Blackline Inc will post -0.27 earnings per share for the current fiscal year.
Several analysts recently commented on BL shares. Zacks Investment Research raised shares of Blackline from a “sell” rating to a “hold” rating in a report on Thursday, September 27th. KeyCorp lifted their target price on shares of Blackline from $52.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, September 18th. BidaskClub downgraded shares of Blackline from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Oppenheimer started coverage on shares of Blackline in a report on Friday, October 19th. They set a “market perform” rating for the company. Finally, CIBC started coverage on shares of Blackline in a report on Friday, October 19th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $45.20.
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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.
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