Geneva Capital Management LLC Sells 18,786 Shares of BlackLine, Inc. (NASDAQ:BL)

Geneva Capital Management LLC reduced its position in shares of BlackLine, Inc. (NASDAQ:BL) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 877,024 shares of the technology company’s stock after selling 18,786 shares during the period. Geneva Capital Management LLC owned about 1.40% of BlackLine worth $53,288,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BL. SBI Securities Co. Ltd. bought a new stake in BlackLine in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its holdings in BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after acquiring an additional 449 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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. Asset Management One Co. Ltd. boosted its holdings in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after acquiring an additional 209 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Piper Sandler reduced their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. Citigroup dropped their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and boosted their price target for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, 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 note on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $66.40.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction 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 sale, the executive now directly 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 SEC, which can be accessed through the SEC website. 9.53% of the stock is currently owned by insiders.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $47.97 on Thursday. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The stock’s 50 day moving average is $57.72 and its 200-day moving average is $56.90. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 10.80 and a beta of 1.03.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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 fiscal year.

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.