Two Sigma Investments LP Trims Stake in BlackLine, Inc. (NASDAQ:BL)

Two Sigma Investments LP decreased its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 66.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,906 shares of the technology company's stock after selling 11,930 shares during the quarter. Two Sigma Investments LP's holdings in BlackLine were worth $359,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BL. Topline Capital Management LLC purchased a new stake in shares of BlackLine during the fourth quarter worth about $60,572,000. American Century Companies Inc. grew its position in shares of BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock worth $54,481,000 after purchasing an additional 889,570 shares in the last quarter. Brown Advisory Inc. grew its position in shares of BlackLine by 38.8% during the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company's stock worth $47,602,000 after purchasing an additional 218,976 shares in the last quarter. Northern Trust Corp grew its position in shares of BlackLine by 14.9% during the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock worth $45,290,000 after purchasing an additional 96,523 shares in the last quarter. Finally, Tensile Capital Management LP grew its position in shares of BlackLine by 16.5% during the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock worth $45,023,000 after purchasing an additional 105,000 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup cut their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. Wall Street Zen cut BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. The Goldman Sachs Group cut their price target on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, April 17th. Finally, DA Davidson cut their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $60.54.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 1,856 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the sale, the executive now directly owns 61,390 shares in the company, valued at approximately $3,354,963.50. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the sale, the chief accounting officer now owns 25,235 shares in the company, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.60% of the company's stock.

BlackLine Trading Down 1.5%

Shares of NASDAQ:BL traded down $0.86 during trading on Thursday, hitting $55.77. The company had a trading volume of 575,835 shares, compared to its average volume of 755,987. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 38.46, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. The company has a fifty day simple moving average of $50.88 and a two-hundred day simple moving average of $54.65. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

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.