Stanley Laman Group Ltd. Lowers Position in BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. decreased its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 14.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 93,313 shares of the technology company’s stock after selling 15,230 shares during the period. BlackLine accounts for about 0.8% of Stanley Laman Group Ltd.’s holdings, making the stock its 27th biggest holding. Stanley Laman Group Ltd.’s holdings in BlackLine were worth $5,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. FMR LLC raised its stake in BlackLine by 1.3% in the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after purchasing an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC raised its holdings in 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 buying an additional 354,784 shares during the period. JPMorgan Chase & Co. increased its stake in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after purchasing an additional 435,271 shares during the period. Geode Capital Management LLC increased its stake in BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after purchasing an additional 3,498 shares during the period. Finally, Geneva Capital Management LLC grew its position in shares of BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after buying an additional 24,446 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Trading Down 18.1 %

NASDAQ:BL opened at $51.94 on Thursday. The stock has a fifty day moving average price of $61.62 and a two-hundred day moving average price of $56.77. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 53.00, a PEG ratio of 9.14 and a beta of 0.92. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. As a group, sell-side analysts anticipate that BlackLine, Inc. will post 1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. JMP Securities reissued a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and upped their price target for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Piper Sandler lowered their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday. Truist Financial reduced their price objective on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Morgan Stanley upped their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $66.40.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the sale, the executive now owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 9.93% of the stock is owned by corporate insiders.

BlackLine Profile

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.