Wrapmanager Inc. Grows Stake in BlackLine, Inc. (NASDAQ:BL)

Wrapmanager Inc. grew its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 29.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,981 shares of the technology company’s stock after buying an additional 1,123 shares during the period. Wrapmanager Inc.’s holdings in BlackLine were worth $311,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. CWM LLC lifted its holdings in BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after buying an additional 220 shares during the period. CVA Family Office LLC purchased a new position in shares of BlackLine in the 4th quarter valued at approximately $38,000. Federated Hermes Inc. boosted its position in shares of BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after purchasing an additional 773 shares in the last quarter. Operose Advisors LLC grew its stake in BlackLine by 291.2% in the third quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after purchasing an additional 728 shares during the period. Finally, Cutler Group LLC CA bought a new position in BlackLine in the third quarter worth $74,000. Institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

BL has been the topic of a number of recent research reports. William Blair downgraded shares of BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and raised their target price for the company from $55.00 to $62.00 in a research note on Tuesday, April 23rd. Wolfe Research started coverage on shares of BlackLine in a report on Monday, March 18th. They set a “peer perform” rating for the company. Citigroup cut their price target on BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $64.10.

BlackLine Stock Performance

NASDAQ BL traded down $0.52 during trading hours on Thursday, hitting $58.99. The company’s stock had a trading volume of 831,029 shares, compared to its average volume of 890,318. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The company has a market cap of $3.65 billion, a P/E ratio of 256.48, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The company’s 50 day simple moving average is $62.59 and its two-hundred day simple moving average is $59.62. BlackLine, Inc. has a 12 month low of $47.26 and a 12 month high of $69.31.

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

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by corporate insiders.

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.