Los Angeles Capital Management LLC Boosts Stake in BlackLine, Inc. (NASDAQ:BL)

Los Angeles Capital Management LLC increased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 23.9% in the fourth quarter, HoldingsChannel reports. The firm owned 37,961 shares of the technology company’s stock after acquiring an additional 7,330 shares during the quarter. Los Angeles Capital Management LLC’s holdings in BlackLine were worth $2,307,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC lifted its holdings in 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 acquiring an additional 64,435 shares during the period. Conestoga Capital Advisors LLC grew its stake 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 acquiring an additional 354,784 shares during the period. JPMorgan Chase & Co. increased its holdings in BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Geode Capital Management LLC raised its position 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 acquiring an additional 3,498 shares during the period. Finally, Geneva Capital Management LLC lifted its holdings in BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction that occurred on Friday, February 21st. The shares were 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 in the company, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.53% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the subject of a number of research reports. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. JMP Securities reiterated a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Truist Financial lowered their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, BMO Capital Markets cut their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $66.40.

BlackLine Stock Down 1.5 %

BlackLine stock opened at $48.27 on Friday. The company has a market capitalization of $3.02 billion, a PE ratio of 33.29, a price-to-earnings-growth ratio of 10.80 and a beta of 0.92. 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, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The firm has a 50 day moving average price of $58.88 and a 200 day moving average price of $56.97.

BlackLine (NASDAQ:BL) 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 expect that BlackLine, Inc. will post 0.9 earnings per share for the current year.

BlackLine Company 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.