Kensington Investment Counsel LLC Decreases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Kensington Investment Counsel LLC lessened its position in BlackLine, Inc. (NASDAQ:BL) by 7.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,942 shares of the technology company’s stock after selling 1,846 shares during the quarter. Kensington Investment Counsel LLC’s holdings in BlackLine were worth $1,394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BL. HighTower Advisors LLC increased its holdings in shares of BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock valued at $393,000 after purchasing an additional 161 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock valued at $931,000 after purchasing an additional 192 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock valued at $1,525,000 after purchasing an additional 200 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in shares of BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after purchasing an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on BL shares. Citigroup cut their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Truist Financial cut their target price on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, Piper Sandler cut their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine has an average rating of “Hold” and an average target price of $66.40.

BlackLine Trading Down 1.4 %

BL opened at $49.18 on Tuesday. The firm has a market cap of $3.09 billion, a P/E ratio of 33.92, a P/E/G ratio of 10.80 and a beta of 1.03. The business has a fifty day simple moving average of $55.48 and a 200-day simple moving average of $56.78. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.09. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) 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%. On average, equities analysts expect that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the sale, the executive now directly 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 Securities & Exchange Commission, which is available at this link. 9.93% of the stock is currently owned by company 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.