Gotham Asset Management LLC Decreases Holdings in BlackLine, Inc. (NASDAQ:BL)

Gotham Asset Management LLC reduced its position in BlackLine, Inc. (NASDAQ:BL) by 21.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 39,826 shares of the technology company’s stock after selling 10,619 shares during the period. Gotham Asset Management LLC’s holdings in BlackLine were worth $2,420,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. HighTower Advisors LLC raised its stake in BlackLine by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock valued at $393,000 after acquiring an additional 161 shares during the last quarter. Arizona State Retirement System raised its stake in BlackLine by 1.3% during the 4th quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock valued at $931,000 after acquiring an additional 192 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in BlackLine by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock valued at $1,525,000 after acquiring an additional 200 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after acquiring an additional 209 shares during the last quarter. Finally, Covestor Ltd raised its stake in BlackLine by 20.1% during the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock valued at $102,000 after acquiring an additional 280 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.60% of the stock is owned by insiders.

BlackLine Stock Performance

BL opened at $55.04 on Friday. The stock has a market cap of $3.43 billion, a P/E ratio of 37.96, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The stock’s 50 day simple moving average is $48.02 and its 200 day simple moving average is $55.10. BlackLine, Inc. has a 1-year low of $40.82 and a 1-year high of $66.25.

BlackLine (NASDAQ:BL) last announced its earnings results 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, equities analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on BL shares. Morgan Stanley reduced their price objective on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and increased their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. The Goldman Sachs Group cut their target price on BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday, April 17th. Citigroup cut their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, Truist Financial increased their target price on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.