Tensile Capital Management LP Grows Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Tensile Capital Management LP grew its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 16.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 740,997 shares of the technology company's stock after buying an additional 105,000 shares during the quarter. BlackLine accounts for about 4.7% of Tensile Capital Management LP's portfolio, making the stock its 10th largest holding. Tensile Capital Management LP owned about 1.19% of BlackLine worth $45,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BL. SBI Securities Co. Ltd. bought a new stake in shares of BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC increased its position in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after acquiring an additional 449 shares during the period. Quadrant Capital Group LLC increased its position in BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after acquiring an additional 414 shares during the period. Headlands Technologies LLC acquired a new position in BlackLine in the 4th quarter valued at approximately $50,000. Finally, Huntington National Bank increased its position in BlackLine by 596.4% in the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock valued at $59,000 after acquiring an additional 829 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Up 1.0%

NASDAQ:BL traded up $0.56 during trading hours on Tuesday, reaching $55.43. The company had a trading volume of 380,532 shares, compared to its average volume of 807,447. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 38.23, a P/E/G ratio of 10.80 and a beta of 0.94. The business's 50-day simple moving average is $48.46 and its two-hundred day simple moving average is $55.08. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $66.25.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. This trade represents a 12.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BL. BMO Capital Markets decreased their price target 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. Morgan Stanley decreased their price target on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. DA Davidson decreased their price target on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and upped their price target for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Finally, Truist Financial upped their price target on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, BlackLine has a consensus rating of "Hold" and a consensus target price of $60.75.

About BlackLine

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.