Kensington Investment Counsel LLC Decreases Holdings in BlackLine, Inc. (NASDAQ:BL)

Kensington Investment Counsel LLC trimmed its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 7.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 22,942 shares of the technology company’s stock after selling 1,846 shares during the period. Kensington Investment Counsel LLC’s holdings in BlackLine were worth $1,394,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares in the last quarter. Icon Wealth Advisors LLC increased its position in BlackLine by 307.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock valued at $907,000 after acquiring an additional 12,415 shares during the period. Victory Capital Management Inc. increased its position in BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares during the period. Weiss Asset Management LP acquired a new position in BlackLine in the 3rd quarter valued at about $1,506,000. Finally, Eagle Asset Management Inc. increased its position in BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after acquiring an additional 86,931 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the company’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 value of $451,400.96. Following the sale, the executive now owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 9.93% of the company’s stock.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $49.18 on Tuesday. The business’s 50 day simple moving average is $55.48 and its 200-day simple moving average is $56.78. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 33.92, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.09.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS 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%. As a group, equities analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BL shares. JMP Securities restated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Truist Financial dropped their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. Citigroup dropped their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, BMO Capital Markets dropped their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has an average rating of “Hold” and a consensus price target of $66.40.

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.