Renaissance Group LLC Buys 21,360 Shares of BlackLine, Inc. (NASDAQ:BL)

Renaissance Group LLC increased its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 40.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,888 shares of the technology company's stock after acquiring an additional 21,360 shares during the period. Renaissance Group LLC owned about 0.12% of BlackLine worth $4,475,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after purchasing an additional 34,919 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of 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 purchasing an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC increased 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 worth $128,439,000 after buying an additional 354,784 shares during the period. Pacer Advisors Inc. raised its holdings in BlackLine by 154.1% during the 4th quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock valued at $253,000 after buying an additional 2,522 shares during the last quarter. Finally, Sei Investments Co. boosted its position in BlackLine by 6.2% during the 4th quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock valued at $8,955,000 after buying an additional 8,558 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction on Friday, February 21st. The stock was 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 owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.93% of the stock is owned by company insiders.

BlackLine Stock Up 0.8 %

Shares of BL stock traded up $0.34 during mid-day trading on Friday, reaching $45.59. 819,552 shares of the company's stock traded hands, compared to its average volume of 810,864. The company's 50-day moving average price is $50.10 and its 200-day moving average price is $56.38. The company has a market cap of $2.88 billion, a P/E ratio of 31.44, a P/E/G ratio of 10.80 and a beta of 0.97. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 12 month low of $40.82 and a 12 month high of $66.25.

BlackLine (NASDAQ:BL - Get Free Report) last posted its quarterly earnings data 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%. On average, equities analysts expect that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BL has been the topic of a number of analyst reports. Truist Financial decreased their price objective on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. BMO Capital Markets lowered their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. JMP Securities reiterated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and boosted their target price for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $64.27.

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.