Tensile Capital Management LP Has $42.20 Million Stake in BlackLine $BL

Key Points

• Tensile Capital Management LP increased its stake in BlackLine by 17.6%, acquiring an additional 130,488 shares, representing about 5.4% of its investment portfolio and making it the 9th largest position for the firm.
• Multiple institutional investors, including Asset Management One and KBC Group, also significantly raised their positions in BlackLine during the first quarter of the year.
• Analysts have mixed ratings on BlackLine, with five giving it a Buy rating, while the average price target is set at $61.08, reflecting a consensus of a "Hold" status for the stock.

Tensile Capital Management LP grew its stake in shares of BlackLine (NASDAQ:BL - Free Report) by 17.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 871,485 shares of the technology company's stock after acquiring an additional 130,488 shares during the quarter. BlackLine comprises about 5.4% of Tensile Capital Management LP's portfolio, making the stock its 9th biggest holding. Tensile Capital Management LP owned approximately 1.40% of BlackLine worth $42,197,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of BL. Asset Management One Co. Ltd. raised its stake in BlackLine by 67.6% in the first quarter. Asset Management One Co. Ltd. now owns 2,122 shares of the technology company's stock valued at $103,000 after purchasing an additional 856 shares in the last quarter. KBC Group NV lifted its position in BlackLine by 33.9% during the first quarter. KBC Group NV now owns 2,919 shares of the technology company's stock worth $141,000 after purchasing an additional 739 shares during the period. Virtus Advisers LLC bought a new stake in BlackLine during the first quarter worth about $182,000. Bayforest Capital Ltd lifted its position in BlackLine by 282.6% during the first quarter. Bayforest Capital Ltd now owns 4,277 shares of the technology company's stock worth $207,000 after purchasing an additional 3,159 shares during the period. Finally, Xponance Inc. lifted its position in BlackLine by 6.8% during the first quarter. Xponance Inc. now owns 4,422 shares of the technology company's stock worth $214,000 after purchasing an additional 280 shares during the period. Institutional investors own 95.13% of the company's stock.

BlackLine Trading Down 1.5%

Shares of BL stock traded down $0.84 on Friday, hitting $54.25. 112,940 shares of the company's stock traded hands, compared to its average volume of 755,697. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.64 and a current ratio of 1.64. BlackLine has a one year low of $40.82 and a one year high of $66.25. The company's fifty day simple moving average is $53.94 and its 200 day simple moving average is $52.00. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 41.93, a P/E/G ratio of 8.80 and a beta of 0.95.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. BlackLine had a net margin of 13.05% and a return on equity of 15.95%. The company had revenue of $172.03 million for the quarter, compared to analyst estimates of $170.87 million. During the same quarter last year, the firm earned $0.58 EPS. The firm's quarterly revenue was up 7.2% compared to the same quarter last year. BlackLine has set its FY 2025 guidance at 2.130-2.240 EPS. Q3 2025 guidance at 0.480-0.510 EPS. Equities analysts forecast that BlackLine will post 0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BL shares. Zacks Research raised BlackLine to a "strong sell" rating in a research note on Friday, August 8th. Wall Street Zen downgraded BlackLine from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Cantor Fitzgerald initiated coverage on shares of BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price target for the company. Truist Financial raised their price objective on BlackLine from $45.00 to $50.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets boosted their price objective on BlackLine from $60.00 to $63.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $60.58.

Insider Activity at BlackLine

In related news, CAO Michelle D. Stalick sold 664 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $54.03, for a total transaction of $35,875.92. Following the transaction, the chief accounting officer owned 23,830 shares of the company's stock, valued at approximately $1,287,534.90. This trade represents a 2.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.60% of the company's stock.

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.