Wrapmanager Inc. Trims Stake in BlackLine, Inc. (NASDAQ:BL)

Wrapmanager Inc. reduced its position in shares of BlackLine, Inc. (NASDAQ:BL) by 12.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,148 shares of the technology company’s stock after selling 602 shares during the quarter. Wrapmanager Inc.’s holdings in BlackLine were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Engaged Capital LLC purchased a new position in shares of BlackLine in the 3rd quarter valued at $33,620,000. JPMorgan Chase & Co. increased its holdings in shares of BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares during the period. Conestoga Capital Advisors LLC increased 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 valued at $128,439,000 after acquiring an additional 354,784 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of BlackLine by 63.0% in the 3rd 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 period. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of BlackLine by 90.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 210,000 shares of the technology company’s stock valued at $11,579,000 after acquiring an additional 100,000 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BL has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler lowered their price objective 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 lowered their price objective on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. BMO Capital Markets lowered their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and a consensus target price of $66.40.

BlackLine Stock Performance

Shares of BL opened at $49.26 on Wednesday. The stock has a 50-day moving average of $59.15 and a two-hundred day moving average of $57.02. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a market cap of $3.08 billion, a P/E ratio of 33.97, a P/E/G ratio of 10.80 and a beta of 0.92.

BlackLine (NASDAQ:BL) 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 21.63% and a net margin of 24.67%. As a group, research analysts predict that BlackLine, Inc. will post 0.9 EPS for the current year.

Insider Activity

In other 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 owns 65,414 shares of the company’s stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 9.53% of the company’s stock.

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.