Cinctive Capital Management LP Has $7.28 Million Stake in BlackLine, Inc. (NASDAQ:BL)

Cinctive Capital Management LP boosted its holdings in BlackLine, Inc. (NASDAQ:BL) by 14.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,838 shares of the technology company’s stock after purchasing an additional 15,460 shares during the period. Cinctive Capital Management LP’s holdings in BlackLine were worth $7,281,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BL. SBI Securities Co. Ltd. bought a new stake in shares of BlackLine during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC increased its holdings in BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after buying an additional 449 shares during the last quarter. GAMMA Investing LLC lifted its stake in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after acquiring an additional 185 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of BlackLine in the 4th quarter valued at about $50,000. Finally, Huntington National Bank increased its stake in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock worth $59,000 after purchasing an additional 829 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup cut their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. BMO Capital Markets decreased their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Truist Financial decreased their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $65.64.

BlackLine Price Performance

BlackLine stock opened at $49.13 on Wednesday. The firm has a market cap of $3.09 billion, a PE ratio of 33.88, 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. The stock’s fifty day moving average price is $53.61 and its two-hundred day moving average price is $56.86. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.09.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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, research analysts expect that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 9.93% of the stock is currently owned by insiders.

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.