BlackLine, Inc. (NASDAQ:BL) Shares Sold by Graham Capital Management L.P.

Graham Capital Management L.P. cut its stake in BlackLine, Inc. (NASDAQ:BL) by 56.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,862 shares of the technology company’s stock after selling 7,747 shares during the quarter. Graham Capital Management L.P.’s holdings in BlackLine were worth $356,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after acquiring an additional 34,919 shares during the period. Conestoga Capital Advisors LLC raised its stake in shares of BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after buying an additional 354,784 shares during the period. Pacer Advisors Inc. raised its stake in shares of BlackLine by 154.1% during the 4th quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company’s stock worth $253,000 after buying an additional 2,522 shares during the period. Sei Investments Co. raised its stake in shares of BlackLine by 6.2% during the 4th quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock worth $8,955,000 after buying an additional 8,558 shares during the period. Finally, Bridgewater Associates LP acquired a new position in shares of BlackLine during the 4th quarter worth approximately $244,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BL has been the subject of several research analyst reports. Truist Financial upped their target price on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday, May 8th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and upped their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. DA Davidson reduced their target price on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Citigroup reduced 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. Finally, Piper Sandler increased their price objective on BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average price target of $60.75.

BlackLine Stock Up 0.9%

NASDAQ BL opened at $55.54 on Friday. The business has a fifty day moving average price of $48.17 and a 200 day moving average price of $55.09. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. 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 company has a market cap of $3.46 billion, a P/E ratio of 38.30, a P/E/G ratio of 10.80 and a beta of 0.94.

BlackLine (NASDAQ:BL) last issued 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 return on equity of 21.63% and a net margin of 24.67%. Research analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on 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 transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

About BlackLine

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.