Redmond Asset Management LLC Cuts Holdings in BlackLine, Inc. (NASDAQ:BL)

Redmond Asset Management LLC lowered its position in BlackLine, Inc. (NASDAQ:BL) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,082 shares of the technology company’s stock after selling 503 shares during the period. Redmond Asset Management LLC’s holdings in BlackLine were worth $2,982,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position 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 buying an additional 185 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of BlackLine by 0.8% in the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock valued at $1,525,000 after acquiring an additional 200 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of BlackLine by 19.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after buying an additional 209 shares during the period. Tidal Investments LLC increased its position in shares of BlackLine by 1.6% during the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after acquiring an additional 219 shares during the period. Finally, Covestor Ltd increased its stake in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on BL shares. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. JMP Securities reiterated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. BMO Capital Markets cut their price objective on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Finally, Truist Financial reduced their target price on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. Two research 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Down 0.3 %

Shares of BlackLine stock opened at $49.17 on Friday. 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, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The stock has a 50 day moving average price of $59.77 and a two-hundred day moving average price of $56.91. The stock has a market capitalization of $3.07 billion, a P/E ratio of 33.91, a PEG ratio of 10.64 and a beta of 0.92.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 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 expect that BlackLine, Inc. will post 0.93 earnings per share for the current year.

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.