AlphaQuest LLC Sells 6,729 Shares of BlackLine, Inc. (NASDAQ:BL)

AlphaQuest LLC cut its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 76.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,063 shares of the technology company's stock after selling 6,729 shares during the period. AlphaQuest LLC's holdings in BlackLine were worth $125,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BL. FMR LLC grew its position in BlackLine by 1.3% in the third quarter. FMR LLC now owns 5,153,275 shares of the technology company's stock worth $284,152,000 after acquiring an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after acquiring an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. grew its position in BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock worth $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Geode Capital Management LLC grew its position in BlackLine by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company's stock worth $70,704,000 after acquiring an additional 3,498 shares in the last quarter. Finally, Engaged Capital LLC bought a new stake in BlackLine in the third quarter worth approximately $33,620,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.93% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BL. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Truist Financial reduced their price objective on shares of BlackLine from $60.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, February 12th. Citigroup reduced their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research note on Wednesday, February 12th. JMP Securities restated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Finally, Piper Sandler reduced their price objective on shares of BlackLine from $60.00 to $58.00 and set an "underweight" rating for the company in a research note on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $66.40.

BlackLine Stock Performance

NASDAQ:BL traded up $0.51 during trading hours on Friday, hitting $50.29. 1,152,352 shares of the company traded hands, compared to its average volume of 775,464. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.09. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 10.80 and a beta of 1.03. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. The firm has a 50-day moving average of $55.03 and a 200 day moving average of $56.69.

BlackLine (NASDAQ:BL - Get Free Report) last announced 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, analysts forecast that BlackLine, Inc. will post 0.9 EPS for the current year.

BlackLine Company Profile

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.