Stanley Laman Group Ltd. Cuts Stake in BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. lowered its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 14.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 93,313 shares of the technology company's stock after selling 15,230 shares during the quarter. BlackLine comprises approximately 0.8% of Stanley Laman Group Ltd.'s holdings, making the stock its 27th largest holding. Stanley Laman Group Ltd. owned 0.15% of BlackLine worth $5,670,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Engaged Capital LLC purchased a new position in BlackLine in the third quarter worth about $33,620,000. JPMorgan Chase & Co. raised its holdings in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after buying an additional 435,271 shares during the period. Conestoga Capital Advisors LLC lifted its position in 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 last quarter. Assenagon Asset Management S.A. boosted its stake in BlackLine by 3,027.3% during the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company's stock worth $12,403,000 after buying an additional 217,751 shares during the period. Finally, Point72 Asset Management L.P. increased its position in BlackLine by 63.0% during the third quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company's stock valued at $17,534,000 after acquiring an additional 122,849 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

BlackLine Stock Performance

Shares of NASDAQ:BL traded down $0.89 on Monday, hitting $51.37. 913,448 shares of the company were exchanged, compared to its average volume of 516,899. The firm has a market capitalization of $3.21 billion, a P/E ratio of 52.42, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The stock's 50 day moving average price is $61.15 and its 200 day moving average price is $56.90.

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 analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Sell-side analysts predict that BlackLine, Inc. will post 1 EPS for the current year.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares of the company's stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.93% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BL has been the subject of several analyst reports. Truist Financial lowered their target price on shares of BlackLine from $60.00 to $55.00 and set a "hold" rating for the company in a report on Wednesday, February 12th. StockNews.com upgraded BlackLine from a "hold" rating to a "buy" rating in a report on Thursday. Citigroup dropped their target price on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Finally, Morgan Stanley increased their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $66.40.

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.