Cinctive Capital Management LP Raises Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Cinctive Capital Management LP grew its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 14.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 119,838 shares of the technology company's stock after acquiring an additional 15,460 shares during the quarter. Cinctive Capital Management LP owned 0.19% of BlackLine worth $7,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. American Century Companies Inc. increased its position in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after purchasing an additional 889,570 shares during the last quarter. JPMorgan Chase & Co. increased its position in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after acquiring an additional 435,271 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of BlackLine in the fourth quarter valued at $23,770,000. Conestoga Capital Advisors LLC raised its stake in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock valued at $128,439,000 after acquiring an additional 354,784 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of BlackLine during the 4th quarter worth about $19,392,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on BL shares. Bank of America raised shares of BlackLine from an "underperform" rating to a "buy" rating and raised their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. StockNews.com cut BlackLine from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. DA Davidson assumed coverage on BlackLine in a research note on Tuesday, April 1st. They issued a "buy" rating and a $58.00 target price on the stock. JMP Securities reiterated a "market outperform" rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Finally, BMO Capital Markets cut their price target on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, BlackLine currently has an average rating of "Hold" and an average price target of $64.27.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction that occurred on 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 transaction, the executive now directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

BlackLine Stock Down 3.3 %

BlackLine stock traded down $1.45 during midday trading on Monday, hitting $42.65. 502,048 shares of the company's stock were exchanged, compared to its average volume of 799,180. BlackLine, Inc. has a 12 month low of $40.93 and a 12 month high of $69.09. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The company has a market cap of $2.69 billion, a PE ratio of 29.57, a P/E/G ratio of 10.80 and a beta of 0.97. The firm has a 50-day moving average of $52.79 and a two-hundred day moving average of $56.77.

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

BlackLine 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.