Polen Capital Management LLC Lowers Holdings in BlackLine, Inc. (NASDAQ:BL)

Polen Capital Management LLC lowered its position in BlackLine, Inc. (NASDAQ:BL) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,791 shares of the technology company’s stock after selling 6,506 shares during the quarter. Polen Capital Management LLC owned approximately 0.10% of BlackLine worth $3,815,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in shares of BlackLine in the 4th quarter worth about $31,000. Global Retirement Partners LLC boosted its holdings in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after acquiring an additional 449 shares during the period. GAMMA Investing LLC boosted its stake in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after buying an additional 209 shares during the last quarter. Finally, KBC Group NV boosted its holdings 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. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial cut their price objective 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. BMO Capital Markets lowered their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Up 5.1 %

BL stock opened at $49.89 on Monday. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The business has a 50 day moving average price of $55.68 and a two-hundred day moving average price of $56.78. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 34.41, a P/E/G ratio of 10.80 and a beta of 1.03. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.09.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Analysts anticipate that BlackLine, Inc. will post 0.9 EPS 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 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 sale, the executive now 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 SEC, which is accessible through this link. Corporate insiders own 9.93% of the company’s stock.

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.