Norden Group LLC Decreases Stake in BlackLine, Inc. (NASDAQ:BL)

Norden Group LLC trimmed its position in BlackLine, Inc. (NASDAQ:BL) by 15.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,083 shares of the technology company’s stock after selling 910 shares during the quarter. Norden Group LLC’s holdings in BlackLine were worth $317,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Meritage Group LP bought a new stake in BlackLine during the 3rd quarter valued at approximately $59,530,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of BlackLine in the 3rd quarter worth about $597,000. Great Lakes Advisors LLC bought a new position in shares of BlackLine in the 3rd quarter worth about $13,130,000. Envestnet Asset Management Inc. boosted its stake in BlackLine by 33.5% during the third quarter. Envestnet Asset Management Inc. now owns 320,139 shares of the technology company’s stock worth $17,758,000 after acquiring an additional 80,391 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in BlackLine by 6.1% in the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock worth $369,349,000 after purchasing an additional 380,614 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Piper Sandler upgraded shares of BlackLine from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. William Blair downgraded BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. The Goldman Sachs Group lifted their price objective on BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a report on Tuesday, January 23rd. Citigroup lowered their target price on shares of BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, Wolfe Research initiated coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.20.

Insider Buying and Selling

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at $632,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 9.53% of the stock is currently owned by corporate insiders.

BlackLine Trading Down 0.2 %

Shares of BL opened at $57.94 on Thursday. The stock has a market capitalization of $3.58 billion, a PE ratio of -579.40, a P/E/G ratio of 10.71 and a beta of 0.86. The company’s fifty day moving average is $62.20 and its 200 day moving average is $59.44. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. BlackLine, Inc. has a fifty-two week low of $47.26 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. Sell-side analysts expect that BlackLine, Inc. will post 1.02 earnings per share for the current fiscal year.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.