Pier Capital LLC Grows Stake in BlackLine, Inc. (NASDAQ:BL)

Pier Capital LLC lifted its stake in BlackLine, Inc. (NASDAQ:BL) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,284 shares of the technology company’s stock after purchasing an additional 4,558 shares during the quarter. BlackLine accounts for approximately 1.4% of Pier Capital LLC’s holdings, making the stock its 19th biggest position. Pier Capital LLC owned approximately 0.25% of BlackLine worth $9,496,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BL. Victory Capital Management Inc. lifted 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 in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of BlackLine by 4.8% during the third quarter. Thrivent Financial for Lutherans now owns 44,639 shares of the technology company’s stock valued at $2,462,000 after purchasing an additional 2,046 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of BlackLine during the third quarter valued at $818,000. Charles Schwab Investment Management Inc. boosted its position in shares of BlackLine by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock valued at $27,307,000 after buying an additional 20,027 shares during the last quarter. Finally, FMR LLC increased its holdings in BlackLine by 1.3% in the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after buying an additional 64,435 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Insider Activity

In other BlackLine 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 completion of the transaction, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

NASDAQ:BL opened at $50.29 on Tuesday. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.09. The business has a fifty day moving average price of $54.80 and a 200-day moving average price of $56.82. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 34.68, 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 (NASDAQ:BL) last issued its quarterly 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 return on equity of 21.63% and a net margin of 24.67%. Sell-side analysts forecast that BlackLine, Inc. will post 0.9 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on BL. JMP Securities restated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Piper Sandler lowered their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 12th. Citigroup dropped their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $66.40.

About BlackLine

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.