Wrapmanager Inc. Trims Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Wrapmanager Inc. decreased its stake in BlackLine, Inc. (NASDAQ:BL) by 12.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,148 shares of the technology company’s stock after selling 602 shares during the quarter. Wrapmanager Inc.’s holdings in BlackLine were worth $252,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its position 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 worth $284,152,000 after purchasing an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC grew its position 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 worth $128,439,000 after purchasing an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. grew its position 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 worth $91,896,000 after purchasing an additional 435,271 shares in the last quarter. Geode Capital Management LLC grew its position 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 worth $70,704,000 after purchasing an additional 3,498 shares in the last quarter. Finally, Geneva Capital Management LLC grew its position in shares of BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

NASDAQ:BL opened at $49.26 on Wednesday. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 10.80 and a beta of 0.92. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The business has a 50 day simple moving average of $59.15 and a 200-day simple moving average of $57.02. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Equities analysts forecast that BlackLine, Inc. will post 0.9 EPS for the current year.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the 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 directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 9.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on BL shares. StockNews.com upgraded BlackLine from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and increased their price target for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Piper Sandler dropped their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. BMO Capital Markets dropped their price target 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. Finally, Truist Financial dropped their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, BlackLine currently has an average rating of “Hold” and a consensus price target of $66.40.

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.