BlackLine, Inc. (NASDAQ:BL) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its holdings in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 69,962 shares of the technology company's stock after selling 13,849 shares during the quarter. Fred Alger Management LLC owned 0.11% of BlackLine worth $4,251,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. grew its stake in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after acquiring an additional 34,919 shares in the last quarter. Conestoga Capital Advisors LLC boosted its holdings in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock valued at $128,439,000 after purchasing an additional 354,784 shares during the period. Pacer Advisors Inc. grew its stake in BlackLine by 154.1% in the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock worth $253,000 after purchasing an additional 2,522 shares in the last quarter. Sei Investments Co. grew its stake in BlackLine by 6.2% in the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock worth $8,955,000 after purchasing an additional 8,558 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new position in BlackLine during the 4th quarter worth $244,000. Institutional investors own 95.13% of the company's stock.

BlackLine Stock Up 0.5%

NASDAQ:BL traded up $0.25 during midday trading on Tuesday, reaching $55.16. 694,580 shares of the stock traded hands, compared to its average volume of 807,408. The stock has a market capitalization of $3.44 billion, a PE ratio of 38.04, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The business has a 50-day moving average of $47.64 and a two-hundred day moving average of $55.12.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. On average, equities analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup lowered their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. The Goldman Sachs Group lowered their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research note on Thursday, April 17th. JMP Securities reissued a "market outperform" rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Piper Sandler boosted their price target on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley dropped their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $60.75.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine 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 approximately $3,249,113.38. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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.