Blackline Inc (NASDAQ:BL) Short Interest Up 17.1% in July

Blackline Inc (NASDAQ:BL) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totalling 4,161,500 shares, a growth of 17.1% from the June 30th total of 3,555,200 shares. Currently, 9.0% of the company’s stock are short sold. Based on an average trading volume of 566,700 shares, the days-to-cover ratio is presently 7.3 days.

Several analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Blackline from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Goldman Sachs Group downgraded shares of Blackline from a “buy” rating to a “sell” rating and lowered their target price for the company from $57.00 to $41.00 in a report on Tuesday, July 2nd. BidaskClub downgraded shares of Blackline from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. KeyCorp lifted their target price on shares of Blackline from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, ValuEngine downgraded shares of Blackline from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.00.

Shares of NASDAQ BL traded up $0.24 on Thursday, hitting $51.13. The company’s stock had a trading volume of 12,386 shares, compared to its average volume of 783,671. Blackline has a 12-month low of $34.01 and a 12-month high of $58.11. The stock has a market cap of $2.91 billion, a P/E ratio of -196.65 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35. The company has a 50 day simple moving average of $50.32.



Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.04. Blackline had a negative net margin of 10.20% and a negative return on equity of 4.05%. The company had revenue of $69.70 million for the quarter, compared to the consensus estimate of $67.74 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. On average, sell-side analysts forecast that Blackline will post -0.27 earnings per share for the current fiscal year.

In related news, CFO Mark Partin sold 10,000 shares of Blackline stock in a transaction on Monday, July 1st. The shares were sold at an average price of $53.36, for a total transaction of $533,600.00. Following the sale, the chief financial officer now directly owns 65,140 shares in the company, valued at approximately $3,475,870.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 49,500 shares of company stock worth $2,653,195 over the last quarter. 15.77% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of BL. FTB Advisors Inc. raised its position in shares of Blackline by 70.6% in the first quarter. FTB Advisors Inc. now owns 551 shares of the technology company’s stock valued at $25,000 after buying an additional 228 shares during the last quarter. Icon Wealth Partners LLC acquired a new position in shares of Blackline in the first quarter valued at approximately $34,000. Aperio Group LLC acquired a new position in shares of Blackline in the second quarter valued at approximately $38,000. Tompkins Financial Corp acquired a new position in shares of Blackline in the second quarter valued at approximately $40,000. Finally, Captrust Financial Advisors raised its position in shares of Blackline by 183.0% in the second quarter. Captrust Financial Advisors now owns 1,016 shares of the technology company’s stock valued at $54,000 after buying an additional 657 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.

Blackline Company Profile

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

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