Headlands Technologies LLC Buys New Stake in BlackLine, Inc. (NASDAQ:BL)

Headlands Technologies LLC acquired a new stake in BlackLine, Inc. (NASDAQ:BL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 828 shares of the technology company’s stock, valued at approximately $50,000.

A number of other hedge funds have also recently modified their holdings of BL. Conestoga Capital Advisors LLC boosted its position in BlackLine by 20.2% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after purchasing an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares during the period. American Century Companies Inc. boosted its holdings in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after buying an additional 889,570 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in BlackLine by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 501,699 shares of the technology company’s stock valued at $30,483,000 after buying an additional 6,477 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

NASDAQ:BL opened at $42.83 on Tuesday. The company has a market cap of $2.70 billion, a P/E ratio of 29.54, a P/E/G ratio of 10.80 and a beta of 0.97. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $69.09. The company’s 50-day moving average price is $52.41 and its 200-day moving average price is $56.70. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data 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%. On average, sell-side analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BL shares. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Citigroup lowered 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. BMO Capital Markets cut their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Piper Sandler decreased their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $64.27.

BlackLine Company 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.