Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 94.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,215 shares of the technology company's stock after selling 120,934 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in BlackLine were worth $438,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BL. SBI Securities Co. Ltd. acquired a new stake in BlackLine during the fourth quarter worth about $31,000. Global Retirement Partners LLC increased its holdings in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after buying an additional 449 shares during the last quarter. GAMMA Investing LLC raised its position in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after buying an additional 185 shares during the period. Asset Management One Co. Ltd. raised its position in shares of BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after buying an additional 209 shares during the period. Finally, KBC Group NV lifted its holdings in BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company's stock valued at $132,000 after acquiring an additional 666 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.
Analysts Set New Price Targets
A number of research firms have commented on BL. Truist Financial reduced their target price on BlackLine from $60.00 to $55.00 and set a "hold" rating on the stock in a research report on Wednesday, February 12th. StockNews.com cut shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and lifted their price target for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. JMP Securities restated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Finally, BMO Capital Markets dropped their target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $66.40.
Read Our Latest Stock Analysis on BL
BlackLine Stock Down 0.3 %
Shares of NASDAQ BL traded down $0.14 during mid-day trading on Wednesday, hitting $50.52. The company had a trading volume of 427,605 shares, compared to its average volume of 773,151. The company has a market capitalization of $3.17 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03. The business's 50-day simple moving average is $54.65 and its 200 day simple moving average is $56.84. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.09. 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 (NASDAQ:BL - Get Free Report) last posted its quarterly earnings results 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 predict that BlackLine, Inc. will post 0.9 earnings per share for the current year.
Insider Buying and Selling at BlackLine
In other news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the sale, the executive now owns 65,414 shares of the company's stock, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.93% of the company's stock.
BlackLine Profile
(
Free Report)
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.
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