Sone Capital Management LLC Buys New Shares in BlackLine, Inc. (NASDAQ:BL)

Sone Capital Management LLC purchased a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 81,204 shares of the technology company's stock, valued at approximately $4,934,000. Sone Capital Management LLC owned approximately 0.13% of BlackLine as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in BlackLine by 4.9% during the fourth quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company's stock worth $18,534,000 after purchasing an additional 14,256 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings in 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. Pacer Advisors Inc. raised its holdings in BlackLine by 154.1% during the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock worth $253,000 after purchasing an additional 2,522 shares in the last quarter. Sei Investments Co. raised its holdings in BlackLine by 6.2% during the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock worth $8,955,000 after purchasing an additional 8,558 shares in the last quarter. Finally, Bridgewater Associates LP bought a new stake in BlackLine during the fourth quarter worth approximately $244,000. Institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BMO Capital Markets reduced their price objective on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Citigroup reduced their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Piper Sandler raised their price objective on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research report on Thursday, April 17th. Finally, Truist Financial boosted their target price on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $60.75.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 1,856 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the transaction, the executive now owns 61,390 shares in the company, valued at $3,354,963.50. This represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.60% of the company's stock.

BlackLine Trading Down 0.6%

BlackLine stock traded down $0.30 during midday trading on Friday, reaching $54.16. The stock had a trading volume of 500,384 shares, compared to its average volume of 771,460. The firm's fifty day simple moving average is $48.74 and its two-hundred day simple moving average is $55.05. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 10.80 and a beta of 0.94.

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.