Fmr LLC Trims Stock Position in BlackLine, Inc. (NASDAQ:BL)

FMR LLC lowered its holdings in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 13.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,461,531 shares of the technology company's stock after selling 691,744 shares during the quarter. FMR LLC owned approximately 7.14% of BlackLine worth $271,083,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BL. Federated Hermes Inc. raised its stake in shares of BlackLine by 11.4% in the fourth quarter. Federated Hermes Inc. now owns 71,370 shares of the technology company's stock worth $4,336,000 after buying an additional 7,316 shares during the period. Quadrant Capital Group LLC boosted its position in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after purchasing an additional 414 shares during the period. Envestnet Asset Management Inc. raised its position in shares of BlackLine by 16.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 149,369 shares of the technology company's stock valued at $9,076,000 after purchasing an additional 21,459 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of BlackLine during the 4th quarter valued at $352,000. Finally, Hel Ved Capital Management Ltd bought a new position in BlackLine in the 4th quarter worth $2,736,000. Institutional investors own 95.13% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on BL shares. DA Davidson lowered their price objective on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Piper Sandler reduced their price objective on shares of BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a research report on Wednesday, February 12th. Morgan Stanley dropped their target price on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $62.64.

Remove Ads

BlackLine Trading Down 0.2 %

BL stock traded down $0.11 during mid-day trading on Thursday, reaching $44.51. The company had a trading volume of 102,208 shares, compared to its average volume of 806,810. The firm has a 50 day moving average of $48.91 and a 200 day moving average of $56.18. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a market capitalization of $2.81 billion, a PE ratio of 30.80, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. On average, equities analysts predict that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.93% of the stock is owned by insiders.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.