Geneva Capital Management LLC Trims Stake in BlackLine, Inc. (NASDAQ:BL)

Geneva Capital Management LLC cut its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 925,741 shares of the technology company’s stock after selling 6,257 shares during the period. Geneva Capital Management LLC owned about 1.51% of BlackLine worth $57,803,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of BlackLine by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 448,171 shares of the technology company’s stock valued at $27,984,000 after purchasing an additional 13,062 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in shares of BlackLine by 513.2% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,354 shares of the technology company’s stock valued at $209,000 after acquiring an additional 2,807 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of BlackLine by 44.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 58,476 shares of the technology company’s stock worth $3,651,000 after acquiring an additional 18,014 shares during the period. Victory Capital Management Inc. grew its position in shares of BlackLine by 34.6% during the fourth quarter. Victory Capital Management Inc. now owns 10,973 shares of the technology company’s stock worth $685,000 after purchasing an additional 2,818 shares in the last quarter. Finally, Stanley Laman Group Ltd. purchased a new stake in shares of BlackLine during the fourth quarter worth about $8,764,000. Institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on BL shares. The Goldman Sachs Group upped their price objective on BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a report on Tuesday, January 23rd. Piper Sandler upgraded shares of BlackLine from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. BMO Capital Markets increased their price target on shares of BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Finally, Citigroup lowered their price objective on BlackLine from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and a consensus target price of $64.10.

Insider Buying and Selling at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the transaction, the executive now directly owns 104,682 shares in the company, valued at $6,071,556. The disclosure for this sale can be found here. 9.93% of the stock is owned by company insiders.

BlackLine Trading Down 0.9 %

Shares of BlackLine stock traded down $0.52 during mid-day trading on Thursday, hitting $58.99. The stock had a trading volume of 831,029 shares, compared to its average volume of 890,318. The firm has a 50-day moving average of $62.55 and a two-hundred day moving average of $59.63. The firm has a market cap of $3.65 billion, a P/E ratio of 259.09, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. BlackLine, Inc. has a 12-month low of $47.26 and a 12-month high of $69.31. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The firm had revenue of $155.73 million for the quarter, compared to analyst estimates of $154.24 million. Sell-side analysts forecast that BlackLine, Inc. will post 1.02 earnings per share for the current year.

BlackLine Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.