Tensile Capital Management LP Reduces Holdings in BlackLine, Inc. (NASDAQ:BL)

Tensile Capital Management LP decreased its holdings in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 18.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 635,997 shares of the technology company's stock after selling 139,900 shares during the quarter. BlackLine makes up about 3.8% of Tensile Capital Management LP's holdings, making the stock its 12th biggest position. Tensile Capital Management LP owned approximately 1.02% of BlackLine worth $35,069,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BL. FMR LLC lifted its stake in shares of BlackLine by 1.3% in the third quarter. FMR LLC now owns 5,153,275 shares of the technology company's stock valued at $284,152,000 after buying an additional 64,435 shares during the period. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock worth $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Geneva Capital Management LLC grew its holdings in shares of BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company's stock worth $49,395,000 after purchasing an additional 24,446 shares during the last quarter. Engaged Capital LLC acquired a new stake in shares of BlackLine during the 3rd quarter worth about $33,620,000. Finally, Dimensional Fund Advisors LP lifted its holdings in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock valued at $28,076,000 after purchasing an additional 229,151 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the sale, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the business's stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock worth $7,488,826 in the last three months. Corporate insiders own 9.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BL shares. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a report on Friday, October 25th. JMP Securities lifted their price target on BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a report on Friday, November 22nd. Truist Financial upped their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Morgan Stanley boosted their price target on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Finally, Piper Sandler reissued a "neutral" rating and set a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $64.10.

BlackLine Price Performance

BL traded up $1.34 during trading on Friday, reaching $64.25. 186,356 shares of the company were exchanged, compared to its average volume of 867,938. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 64.19, a P/E/G ratio of 14.74 and a beta of 0.90. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company's 50-day moving average is $58.30 and its two-hundred day moving average is $51.99.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.