MYDA Advisors LLC Invests $1.46 Million in BlackLine, Inc. (NASDAQ:BL)

MYDA Advisors LLC acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 24,000 shares of the technology company's stock, valued at approximately $1,458,000.

Several other large investors also recently added to or reduced their stakes in BL. American Century Companies Inc. raised its position in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after acquiring an additional 889,570 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after purchasing an additional 435,271 shares during the last quarter. Raymond James Financial Inc. bought a new stake in BlackLine in the fourth quarter worth $23,770,000. Conestoga Capital Advisors LLC increased its position in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after buying an additional 354,784 shares during the last quarter. Finally, Shannon River Fund Management LLC bought a new position in BlackLine during the fourth quarter valued at about $19,827,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The shares were 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 of the company's stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.60% of the stock is currently owned by company insiders.

BlackLine Trading Up 0.2 %

BL stock traded up $0.08 during midday trading on Friday, reaching $46.94. The stock had a trading volume of 245,202 shares, compared to its average volume of 803,535. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 10.80 and a beta of 0.97. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The business has a fifty day simple moving average of $47.61 and a two-hundred day simple moving average of $55.79.

BlackLine (NASDAQ:BL - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate 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, research analysts expect that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BL shares. The Goldman Sachs Group lowered their price target on BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a report on Thursday, April 17th. Morgan Stanley dropped their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. DA Davidson lowered their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. BMO Capital Markets cut their price target on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Finally, Citigroup lowered their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $60.00.

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.