BlackLine, Inc. (NASDAQ:BL) Stock Position Increased by Intech Investment Management LLC

Intech Investment Management LLC lifted its position in BlackLine, Inc. (NASDAQ:BL) by 36.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,201 shares of the technology company’s stock after buying an additional 5,360 shares during the period. Intech Investment Management LLC’s holdings in BlackLine were worth $1,227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC lifted its holdings in shares of BlackLine by 1.3% during the third 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 lifted its holdings in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares during the last quarter. Finally, Engaged Capital LLC purchased a new stake in shares of BlackLine during the third quarter valued at $33,620,000. Institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the subject of several research analyst reports. Piper Sandler reduced their price objective on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. StockNews.com downgraded BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. BMO Capital Markets reduced their price objective 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. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, JMP Securities reissued a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and a consensus target price of $66.40.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $50.29 on Friday. 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 firm has a market cap of $3.16 billion, a price-to-earnings ratio of 34.68, a P/E/G ratio of 10.80 and a beta of 1.03. The business’s 50-day simple moving average is $54.93 and its 200-day simple moving average is $56.75. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.09.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data 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 net margin of 24.67% and a return on equity of 21.63%. As a group, equities research analysts expect that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the sale, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 9.93% of the company’s stock.

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.