The Vanguard Group, Inc. has recently announced that it has increased stake in BlackLine Inc. (NASDAQ:BL) by 1.21%. After grabbing 5.08 million shares, the institutional investor is now in possession of 60587.0 shares of the Technology Company. The new investment brought the stake of investor firm to 8.52% having worth around $284.33 million. Moreover, Riverbridge Partners LLC increased its share by 0.17 million to have a control over 2.15 million shares. And Champlain Investment Partners LLC raised its holdings to 20930.0 shares by acquiring 1.88 million shares or 3.15% of the stake.
BlackLine Inc. (BL) concluded trading on 11/23/22 at a closing price of $63.14, with 0.48 million shares of worth about $30.43 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -12.89% during that period and on Wednesday the price saw a gain of about 4.24%. Currently the company’s common shares owned by public are about 59.70M shares, out of which, 55.09M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 16 analysts are covering the BL stock and their offered price forecasts bring an average price target of $64.29. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $87.00 and could fall to a lowest price of $50.00. The stock’s current price level is 0.96% above of average price target set by the analysts, while a rise to estimated low would result in loss of -26.28% for the stock. However, touching the estimated high of $87.00 would mean a gain of 27.43% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 82 times over the past 12 months. They bought 281,490 shares in 27 of the transactions. In 55 selling transactions, insiders dumped 127,607 shares.
Virtus KAR Small Cap Growth Fund, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in BlackLine Inc. Virtus KAR Small Cap Growth Fund is currently holding 1.91 million shares of worth totaling $107.04 million. The company recently came selling -0.16 million shares which brought its stake up to 3.21% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 5820.0 shares, after which its hold over company’s outstanding shares expand to 2.70%, leaving 1.61 million shares with the mutual fund that have a worth of about $90.09 million. Vanguard Small Cap Index Fund, after buying 1.38 million shares, have now control over 2.32% of the stake in the company. It holds 22125.0 shares of worth $77.55 million.
Stock saw a price change of -1.65% in past 5 days and over the past one month there was a price change of 11.50%. Year-to-date (YTD), BL shares are showing a performance of -39.02% which decreased to -45.12% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $48.73 but also hit the highest price of $115.54 during that period. The average intraday trading volume for BlackLine Inc. shares is 531.05K. The stock is currently trading 7.85% above its 20-day simple moving average (SMA20), while that difference is up 5.34% for SMA50 and it goes to -6.21% lower than SMA200.
The Vanguard Group, Inc. acquired 5.08 million shares of BlackLine Inc. having value of about $284.33 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 60587.0 shares in the company valued at close to $3825463.18, or have control over 1.21% stake in the company. Holding of mutual funds in the company is about 45.99% while other institutional holders and individual stake holders have control over 46.06% and 19.77% of the stake respectively.
The stock has a current market capitalization of $3.85B and its 3Y-monthly beta is at 0.76. It has posted earnings per share of -$1.31 in the same period. It has Quick Ratio of 3.70 while making debt-to-equity ratio of 17.78. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BL, volatility over the week remained 5.15% while standing at 5.53% over the month.
Analysts are in expectations that BlackLine Inc. (BL) stock would likely to be making an EPS of $0.09 in the current quarter, while forecast for next quarter EPS is $0.09 and it is $0.4 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.08 which is $0.11 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.24 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -139.10% while it is estimated to increase by 18.86% in next year. EPS is likely to grow at an annualized rate of 11.49% for next 5-years, compared to annual growth of -26.10% made by the stock over the past 5-years.
Analysts at 16 brokerage firms have issued recommendations for the BlackLine Inc. (BL)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 16 Wall Street analysts, 4 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 2 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on October 21, 2022 offering a Sell rating for the stock and assigned a target price of $57 to it. Coverage by Berenberg stated BlackLine Inc. (BL) stock as a Hold in their note to investors on October 19, 2022, suggesting a price target of $60 for the stock. On September 23, 2022, Credit Suisse Initiated their recommendations, while on September 01, 2022, Citigroup Initiated their ratings for the stock with a price target of $73. Stock get an Underperform rating from BofA Securities on July 18, 2022.