Yousif Capital Management LLC Decreases Stake in BlackLine, Inc. (NASDAQ:BL)

Yousif Capital Management LLC lessened its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,729 shares of the technology company’s stock after selling 359 shares during the period. Yousif Capital Management LLC’s holdings in BlackLine were worth $1,199,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BL. Engaged Capital LLC acquired a new stake in BlackLine during the 3rd quarter worth about $33,620,000. JPMorgan Chase & Co. raised its position in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares during the period. Assenagon Asset Management S.A. boosted its position in BlackLine by 3,027.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after purchasing an additional 217,751 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in shares of BlackLine by 63.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company’s stock worth $17,534,000 after purchasing an additional 122,849 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BL shares. StockNews.com upgraded shares of BlackLine from a “hold” rating to a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Truist Financial cut their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Piper Sandler decreased their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Performance

Shares of BL stock opened at $52.26 on Friday. The firm has a market cap of $3.27 billion, a P/E ratio of 53.33, a P/E/G ratio of 9.14 and a beta of 0.92. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The firm’s 50 day moving average price is $61.62 and its 200-day moving average price is $56.77.

BlackLine (NASDAQ:BL) last announced 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 31.02% and a net margin of 19.83%. As a group, equities research analysts predict that BlackLine, Inc. will post 1 EPS for the current year.

About BlackLine

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.