Trexquant Investment LP Decreases Stake in BlackLine, Inc. (NASDAQ:BL)

Trexquant Investment LP decreased its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 71.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,586 shares of the technology company's stock after selling 153,523 shares during the quarter. Trexquant Investment LP owned 0.10% of BlackLine worth $3,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after acquiring an additional 889,570 shares during the last quarter. JPMorgan Chase & Co. raised its position in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after purchasing an additional 435,271 shares during the period. Raymond James Financial Inc. bought a new stake in shares of BlackLine in the 4th quarter valued at approximately $23,770,000. Conestoga Capital Advisors LLC boosted its holdings in shares of BlackLine by 20.2% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after purchasing an additional 354,784 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of BlackLine in the 4th quarter worth approximately $19,392,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the 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 sale, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 9.93% of the company's stock.

BlackLine Stock Up 0.8 %

BlackLine stock traded up $0.34 during mid-day trading on Friday, reaching $45.59. 819,552 shares of the company were exchanged, compared to its average volume of 809,693. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The business has a fifty day moving average of $50.10 and a 200 day moving average of $56.35. The firm has a market cap of $2.88 billion, a P/E ratio of 31.44, a PEG ratio of 10.80 and a beta of 0.97. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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%. Research analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BL. Bank of America upgraded BlackLine from an "underperform" rating to a "buy" rating and raised their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. JMP Securities restated a "market outperform" rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Citigroup cut their price target on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. BMO Capital Markets cut their price objective on BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. Finally, Truist Financial lowered their target price on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $64.27.

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.