Shannon River Fund Management LLC Buys Shares of 326,313 BlackLine, Inc. (NASDAQ:BL)

Shannon River Fund Management LLC purchased a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 326,313 shares of the technology company's stock, valued at approximately $19,827,000. BlackLine accounts for 2.9% of Shannon River Fund Management LLC's portfolio, making the stock its 9th largest holding. Shannon River Fund Management LLC owned 0.52% of BlackLine as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BL. Senvest Management LLC bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $1,665,000. Mariner LLC bought a new position in shares of BlackLine during the 4th quarter worth approximately $263,000. Summit Investment Advisors Inc. boosted its position in BlackLine by 6.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,038 shares of the technology company's stock worth $367,000 after purchasing an additional 355 shares during the last quarter. Synovus Financial Corp purchased a new position in shares of BlackLine in the 4th quarter worth about $689,000. Finally, Covestor Ltd grew its position in shares of BlackLine by 20.1% during the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock valued at $102,000 after acquiring an additional 280 shares during the period. 95.13% of the stock is owned by institutional investors.

BlackLine Trading Down 0.4 %

Shares of BL stock traded down $0.18 during mid-day trading on Friday, reaching $44.44. The stock had a trading volume of 412,256 shares, compared to its average volume of 807,019. The firm has a market capitalization of $2.80 billion, a PE ratio of 30.65, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. The stock's 50-day moving average price is $48.13 and its two-hundred day moving average price is $56.05. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25.

BlackLine (NASDAQ:BL - Get Free Report) last announced 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%. Equities analysts expect that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BL has been the subject of a number of recent research reports. Piper Sandler decreased their target price on BlackLine from $60.00 to $58.00 and set an "underweight" rating for the company in a research report on Wednesday, February 12th. Truist Financial cut their price target on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a report on Monday, April 7th. DA Davidson decreased their price objective on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. JMP Securities reaffirmed a "market outperform" rating and set a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Finally, StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $61.00.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.60% of the stock is owned by corporate insiders.

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.