Stocks to Watch: Blackline Inc (NASDAQ:BL) Short Interest Down 16.6%

Blackline Inc (NASDAQ:BL) saw a significant drop in short interest in June. As of June 30th, there was short interest totalling 3,144,400 shares, a drop of 16.6% from the May 30th total of 3,769,400 shares. Based on an average daily trading volume, of 515,100 shares, the days-to-cover ratio is presently 6.1 days. Approximately 6.8% of the shares of the stock are short sold.

A number of equities research analysts recently issued reports on the company. Goldman Sachs Group lowered LATAM Airlines Group from a “neutral” rating to a “sell” rating and lifted their target price for the company from $9.20 to $9.30 in a research report on Tuesday, July 2nd. BidaskClub lowered YY from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Finally, Zacks Investment Research upgraded FibroGen from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $51.50.

Shares of NASDAQ:BL traded up $0.73 during trading on Friday, reaching $47.19. 337,824 shares of the company traded hands, compared to its average volume of 476,038. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35. Blackline has a 52 week low of $34.01 and a 52 week high of $58.11. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -181.50 and a beta of 0.88. The business’s 50 day moving average price is $50.53.

Blackline (NASDAQ:BL) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.14. Blackline had a negative return on equity of 5.02% and a negative net margin of 12.15%. The company had revenue of $64.13 million during the quarter, compared to analysts’ expectations of $63.33 million. During the same quarter in the previous year, the firm earned $0.01 EPS. Blackline’s revenue was up 25.1% on a year-over-year basis. As a group, sell-side analysts forecast that Blackline will post -0.29 EPS for the current fiscal year.
In other Blackline news, CFO Mark Partin sold 10,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $50.01, for a total transaction of $500,100.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 29,500 shares of company stock valued at $1,510,695. 15.77% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. FTB Advisors Inc. increased its holdings in Blackline by 70.6% in the 1st quarter. FTB Advisors Inc. now owns 551 shares of the technology company’s stock worth $25,000 after purchasing an additional 228 shares in the last quarter. Icon Wealth Partners LLC acquired a new stake in shares of Blackline in the first quarter valued at about $34,000. Tompkins Financial Corp acquired a new stake in shares of Blackline in the second quarter valued at about $40,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of Blackline by 73.1% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,156 shares of the technology company’s stock valued at $47,000 after buying an additional 488 shares during the period. Finally, NEXT Financial Group Inc boosted its position in shares of Blackline by 2,845.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,620 shares of the technology company’s stock valued at $87,000 after purchasing an additional 1,565 shares in the last quarter. 87.89% 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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