Sunday, 1 October 2023


BlackLine’s projected growth marked amid changing institutional interest By

Bill Ackman Said Jay Powell Has Lost His Mojo

© Reuters.

Cloud-based accounting solutions provider BlackLine (NASDAQ: NASDAQ:) continues to attract attention from financial institutions, despite a slight decrease in institutional interest. On Monday, Citigroup (NYSE:) maintained its neutral recommendation for the company, forecasting a 11.25% upside potential from its August 31, 2023 closing price of $55.62, bringing the average one-year price forecast to $61.88.

The company’s annual revenue is projected to reach $630 million, indicating a growth of 12.87%, with a non-GAAP EPS projected at 0.56. However, the last quarter saw a decrease of 11.28% in the number of funds or institutions holding positions in BlackLine, and the total shares owned by institutions fell by 5.97% to 69,262K shares.

Investment firms Clearlake Capital Group and ICONIQ Capital reported no changes in their holdings from the previous quarter, maintaining ownerships of 9.37% and 3.42% respectively. Kayne Anderson Rudnick Investment Management and Riverbridge Partners both reduced their portfolio allocation in BlackLine by 23.70% and 25.86%, respectively. Meanwhile, Brown Advisory increased its stake significantly by 62.52%.

BlackLine has carved out a niche for itself by replacing traditional manual accounting processes with modern, automated solutions that unify data and processes while improving accountability through visibility. The company offers solutions for managing and automating financial close, accounts receivable, and intercompany accounting processes.

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