Macquarie Group Ltd., a financial services provider, has recently announced an increase in its holdings in technology company BlackLine, Inc. According to a 13F filing with the Securities and Exchange Commission, Macquarie Group Ltd. now owns approximately 680,881 shares of BlackLine, representing a 2.2% increase from the previous quarter. This additional acquisition resulted in a total value of $45,721,000 for Macquarie Group Ltd.’s stake in the company.
BlackLine (NASDAQ:BL) is a leading player in the technology sector and specializes in providing solutions for financial automation and cloud-based accounting software. Despite Macquarie Group Ltd.’s increased investment in BlackLine, the company faced some challenges during its most recent earnings release on August 8th.
During that quarter, BlackLine reported earnings per share of ($0.69), falling significantly short of the consensus estimate of ($0.01) by ($0.68). This negative deviation impacted the company’s net margin which stood at -9.25% and its return on equity which was recorded at -37.62%. Additionally, while BlackLine managed to generate revenue amounting to $144.57 million throughout the quarter, it fell slightly short of the consensus estimate of $143.86 million.
Sell-side analysts have expressed their expectations for BlackLine’s future performance and project that the company will post earnings per share (EPS) of 0.38 for the current year.
It is worth noting that this information is based on available data up until September 15, 2023. Investors should exercise caution when making decisions based solely on past information or projections as market fluctuations may impact future results.
To stay updated on developments regarding BlackLine (NASDAQ:BL) and other related companies within the sector, individuals can refer to our latest research report on BL for detailed insights into various financial aspects and market trends surrounding the company.
Updated on: 07/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Institutional Investors Increase Holdings in BlackLine, Inc. as Stock Shows Stability and Analysts Provide Mixed Ratings
On September 15, 2023, BlackLine, Inc., a technology company, experienced activity in the market with regards to institutional investors buying and selling shares. Migdal Insurance & Financial Holdings Ltd., for example, increased its holdings in BlackLine by an astounding 79.5% during the first quarter. This resulted in the acquisition of an additional 225 shares of the technology company’s stock, bringing their total ownership to 508 shares valued at $33,000.
In addition, there were other investors who entered the market during this period. C M Bidwell & Associates Ltd. purchased a new position in BlackLine in the first quarter for around $35,000. Quarry LP also saw an increase in its position in BlackLine by a significant 1,101.9% during the same time frame. They now own 625 shares worth $42,000 after purchasing an additional 573 shares.
Similarly, Barrett & Company Inc. and HighMark Wealth Management LLC joined the list of investors who acquired stakes in BlackLine during the first quarter. Barrett & Company Inc.’s stake was valued at approximately $67,000 while HighMark Wealth Management LLC’s amounted to about $72,000.
It is noteworthy that as of now, institutional investors and hedge funds own a staggering 95.13% of BlackLine’s stock.
In terms of pricing and valuation news for BlackLine stock on Friday, it opened at $55.81 per share. Over the past year, its lowest price was recorded at $48.22 while its highest reached $77.90.
Analyzing moving averages for trending patterns can be insightful for investors and analysts alike. The fifty-day simple moving average for BlackLine is currently standing at $54.99 and its two-hundred-day simple moving average report is showing as $57.01.
Regarding overall market capitalization, BlackLine holds strong with a value of approximately $3.40 billion. It is important to note that the company has a price-to-earnings ratio of -72.48, indicating some interesting dynamics within its financials.
Looking at the price-to-earnings growth ratio (PEG), BlackLine has a ratio of 3.04, which presents an aspect of perplexity as investors seek to understand how this may impact the growth prospects of the company.
Examining market sentiment through beta values can be informative for understanding stock volatility relative to the market as a whole. In this case, BlackLine has a beta of 0.86, which suggests that it is less volatile compared to the broader market.
Taking into account liquidity ratios is vital for investors who want to evaluate a company’s ability to meet short-term obligations. In BlackLine’s case, it boasts both a current ratio and quick ratio of 3.62, indicating strong liquidity levels.
Considering leverage ratios is also crucial for understanding a company’s financial health and risk profile. BlackLine currently has a debt-to-equity ratio of 7.87, which suggests that its capital structure consists largely of debt.
Switching gears to recent news related to insiders’ activities at BlackLine, Director Thomas Unterman sold 750 shares of the company’s stock in August at an average price of $60 per share. Following this transaction, he now owns 54,470 shares valued approximately at $3,268,200.
In addition to Thomas Unterman’s sale, Chief Revenue Officer Mark Woodhams also sold 558 shares in August at an average price of $52 per share. After completing this transaction, Woodhams now holds 94,083 shares worth approximately $4,892,316.
Both transactions were disclosed in legal filings with the Securities & Exchange Commission for transparency purposes.
It is noteworthy that currently, approximately 9.93% of BlackLine’s stock is owned by insiders.
Taking into account analysts’ opinions on the company, several research firms have recently commented on BlackLine. StockNews.com provided coverage on August 17th, issuing a “hold” rating on the stock. Citigroup, meanwhile, cut their price target from $63 to $57 and assigned a “neutral” rating for the stock on August 10th.
Morgan Stanley initiated coverage of BlackLine in May and offered an “equal weight” rating with a price objective set at $60. JPMorgan Chase & Co., on the other hand, decreased its target price from $50 to $47 and gave the stock an “underweight” rating on August 9th.
Finally, Piper Sandler also lowered its price target from $55 to $53 and designated a “neutral” rating for BlackLine in a report published that same day.
In total, two analysts have rated the stock as a sell, eight have labeled it as hold, and three have given it a buy rating. According to Bloomberg.com’s analysis, BlackLine currently has an average rating of “Hold,” with a consensus target price of approximately $61.33.
In conclusion, institutional investors made significant moves in relation to BlackLine’s stock during the first quarter of this year. The market