Tensile Capital Management LP Buys 130,488 Shares of 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 boosted its position in shares of BlackLine (NASDAQ:BL - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 871,485 shares of the technology company's stock after buying an additional 130,488 shares during the period. BlackLine accounts for approximately 5.4% of Tensile Capital Management LP's portfolio, making the stock its 9th biggest holding. Tensile Capital Management LP owned about 1.40% of BlackLine worth $42,197,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Select Equity Group L.P. boosted its position in BlackLine by 350.6% during the first quarter. Select Equity Group L.P. now owns 98,506 shares of the technology company's stock worth $4,770,000 after purchasing an additional 76,644 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of BlackLine by 5.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,670 shares of the technology company's stock worth $1,679,000 after purchasing an additional 1,814 shares during the period. Invenomic Capital Management LP acquired a new position in shares of BlackLine during the 1st quarter valued at about $3,466,000. Hawk Ridge Capital Management LP grew its stake in shares of BlackLine by 124.3% during the 1st quarter. Hawk Ridge Capital Management LP now owns 1,959,945 shares of the technology company's stock valued at $94,901,000 after buying an additional 1,086,185 shares during the period. Finally, Cinctive Capital Management LP lifted its stake in shares of BlackLine by 10.3% in the 1st quarter. Cinctive Capital Management LP now owns 132,151 shares of the technology company's stock valued at $6,399,000 after purchasing an additional 12,313 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Price Performance

Shares of NASDAQ:BL traded down $0.93 on Wednesday, reaching $53.66. 842,706 shares of the company traded hands, compared to its average volume of 760,740. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.64 and a quick ratio of 1.64. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The stock has a market capitalization of $3.32 billion, a PE ratio of 41.60, a P/E/G ratio of 8.93 and a beta of 0.95. The company's 50 day moving average is $53.99 and its 200-day moving average is $51.95.

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

Insider Buying and Selling

In other BlackLine news, CAO Michelle D. Stalick sold 664 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $54.03, for a total value of $35,875.92. Following the completion of the transaction, the chief accounting officer owned 23,830 shares of the company's stock, valued at $1,287,534.90. This represents a 2.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 8.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BL shares. BMO Capital Markets raised their price target on shares of BlackLine from $60.00 to $63.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. DA Davidson restated a "neutral" rating and set a $56.00 target price on shares of BlackLine in a research note on Wednesday, August 6th. Morgan Stanley raised their price objective on BlackLine from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Citigroup reissued a "buy" rating and set a $67.00 price target (up previously from $58.00) on shares of BlackLine in a research report on Wednesday, July 16th. Finally, Raymond James Financial upgraded shares of BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 price objective on the stock in a research note on Tuesday, July 29th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and a consensus price target of $61.08.

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.