Polen Capital Management LLC Trims Stock Position in BlackLine, Inc. (NASDAQ:BL)

Polen Capital Management LLC decreased its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 9.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,791 shares of the technology company's stock after selling 6,506 shares during the quarter. Polen Capital Management LLC owned 0.10% of BlackLine worth $3,815,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Corient Private Wealth LLC purchased a new position in shares of BlackLine in the fourth quarter worth approximately $254,000. Swiss National Bank lifted its holdings in BlackLine by 1.2% during the fourth quarter. Swiss National Bank now owns 104,000 shares of the technology company's stock valued at $6,319,000 after purchasing an additional 1,200 shares in the last quarter. HighTower Advisors LLC lifted its holdings in BlackLine by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock valued at $393,000 after purchasing an additional 161 shares in the last quarter. Wealthfront Advisers LLC purchased a new position in BlackLine during the fourth quarter valued at approximately $1,441,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in BlackLine by 14.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,398 shares of the technology company's stock valued at $814,000 after purchasing an additional 1,734 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Truist Financial lowered their price target on shares of BlackLine from $60.00 to $55.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. Piper Sandler lowered their price target on shares of BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a report on Wednesday, February 12th. Bank of America raised 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 report on Thursday, January 30th. JMP Securities reaffirmed a "market outperform" rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, StockNews.com downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $66.40.

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Insider Activity

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

BlackLine Price Performance

Shares of NASDAQ BL traded down $0.38 during mid-day trading on Thursday, hitting $49.78. 513,386 shares of the company's stock traded hands, compared to its average volume of 775,385. The company's 50-day moving average is $55.18 and its two-hundred day moving average is $56.73. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The company has a market capitalization of $3.13 billion, a P/E ratio of 34.33, a PEG ratio of 10.80 and a beta of 1.03. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.09.

BlackLine (NASDAQ:BL - Get Free Report) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 anticipate that BlackLine, Inc. will post 0.9 EPS 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.