Fred Alger Management LLC Sells 13,849 Shares of BlackLine, Inc. (NASDAQ:BL)

Fred Alger Management LLC reduced its holdings in BlackLine, Inc. (NASDAQ:BL) by 16.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,962 shares of the technology company’s stock after selling 13,849 shares during the period. Fred Alger Management LLC owned approximately 0.11% of BlackLine worth $4,251,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BL. Tidal Investments LLC lifted its stake in shares of BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after buying an additional 219 shares during the period. Principal Financial Group Inc. lifted its position in shares of BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after acquiring an additional 34,919 shares during the period. GAMMA Investing LLC increased its position in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the period. Dakota Wealth Management acquired a new position in shares of BlackLine in the fourth quarter valued at $244,000. Finally, KBC Group NV lifted its position in BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock worth $132,000 after purchasing an additional 666 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.60% of the company’s stock.

BlackLine Stock Performance

BL stock opened at $53.17 on Friday. The stock has a market capitalization of $3.35 billion, a PE ratio of 36.67, a price-to-earnings-growth 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 company has a 50 day moving average price of $47.50 and a 200 day moving average price of $55.15. BlackLine, Inc. has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Analysts forecast that BlackLine, Inc. will post 0.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of BlackLine from a “hold” rating to a “buy” rating in a research note on Wednesday. The Goldman Sachs Group cut their price target on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday, April 17th. DA Davidson lowered their price objective on BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. BMO Capital Markets cut their target price 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. Finally, Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.