Los Angeles Capital Management LLC Raises Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Los Angeles Capital Management LLC grew its position in shares of BlackLine, Inc. (NASDAQ:BL) by 23.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 37,961 shares of the technology company’s stock after acquiring an additional 7,330 shares during the quarter. Los Angeles Capital Management LLC owned about 0.06% of BlackLine worth $2,307,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Olympiad Research LP purchased a new position in BlackLine in the fourth quarter worth about $202,000. Hardy Reed LLC lifted its stake in shares of BlackLine by 9.5% in the 4th quarter. Hardy Reed LLC now owns 4,843 shares of the technology company’s stock valued at $294,000 after purchasing an additional 420 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of BlackLine by 21.0% in the 4th quarter. Handelsbanken Fonder AB now owns 489,200 shares of the technology company’s stock worth $29,724,000 after purchasing an additional 84,800 shares during the period. Alberta Investment Management Corp bought a new position in shares of BlackLine during the 4th quarter valued at approximately $3,010,000. Finally, Global Retirement Partners LLC increased its position in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BL has been the subject of several recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday. Truist Financial reduced their price objective on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. BMO Capital Markets dropped their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Finally, Morgan Stanley upped their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $66.40.

BlackLine Stock Down 1.5 %

Shares of NASDAQ BL opened at $48.27 on Friday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 10.80 and a beta of 0.92. The stock has a 50 day moving average price of $58.88 and a 200 day moving average price of $56.97. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

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

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’s 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 sale, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 9.53% of the stock is owned by company insiders.

BlackLine 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.