Scalar Gauge Management LLC Has $21.44 Million Position in BlackLine, Inc. (NASDAQ:BL)

Scalar Gauge Management LLC raised its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 442.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 352,841 shares of the technology company's stock after purchasing an additional 287,841 shares during the quarter. BlackLine accounts for 9.9% of Scalar Gauge Management LLC's portfolio, making the stock its largest holding. Scalar Gauge Management LLC owned approximately 0.56% of BlackLine worth $21,439,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. O Shaughnessy Asset Management LLC acquired a new position in BlackLine in the fourth quarter valued at about $290,000. California Public Employees Retirement System boosted its holdings in shares of BlackLine by 0.4% in the 4th quarter. California Public Employees Retirement System now owns 104,564 shares of the technology company's stock worth $6,353,000 after acquiring an additional 405 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of BlackLine in the 4th quarter worth approximately $19,392,000. New Age Alpha Advisors LLC bought a new stake in BlackLine during the 4th quarter worth approximately $153,000. Finally, Norges Bank acquired a new stake in BlackLine during the 4th quarter valued at $6,998,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction dated 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 directly owns 65,414 shares of the company's stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.93% of the stock is currently owned by corporate insiders.

BlackLine Trading Down 5.5 %

Shares of BL stock traded down $2.55 during trading hours on Friday, reaching $43.53. The company had a trading volume of 487,763 shares, compared to its average volume of 796,039. 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. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 30.10, a P/E/G ratio of 10.80 and a beta of 0.97. The company has a 50 day moving average of $53.12 and a 200 day moving average of $56.73.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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 research analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on BL. Piper Sandler decreased their target price on BlackLine from $60.00 to $58.00 and set an "underweight" rating on the stock in a report on Wednesday, February 12th. Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research report on Wednesday, February 12th. JMP Securities restated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. DA Davidson began coverage on shares of BlackLine in a research report on Tuesday. They set a "buy" rating and a $58.00 target price on the stock. Finally, StockNews.com cut shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $65.64.

About BlackLine

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.