First Manhattan CO. LLC. Acquires New Position in BlackLine, Inc. (NASDAQ:BL)

First Manhattan CO. LLC. bought a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 160,410 shares of the technology company's stock, valued at approximately $9,747,000. First Manhattan CO. LLC. owned 0.26% of BlackLine as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in BlackLine during the fourth quarter valued at $31,000. Global Retirement Partners LLC increased its holdings in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after purchasing an additional 414 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after buying an additional 185 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of BlackLine in the fourth quarter worth about $50,000. Institutional investors own 95.13% of the company's stock.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 8.60% of the stock is owned by insiders.

BlackLine Price Performance

BL traded up $0.25 during trading on Tuesday, reaching $55.16. The company's stock had a trading volume of 694,580 shares, compared to its average volume of 807,408. The company has a market cap of $3.44 billion, a price-to-earnings ratio of 38.04, a PEG ratio of 10.80 and a beta of 0.94. The firm has a fifty day simple moving average of $47.64 and a two-hundred day simple moving average of $55.12. BlackLine, Inc. has a 1 year low of $40.82 and a 1 year high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BL shares. Morgan Stanley decreased their price objective on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. DA Davidson lowered their price objective 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. Truist Financial boosted their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. JMP Securities reaffirmed a "market outperform" rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $60.75.

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.