FourThought Financial Partners LLC Decreases Holdings in BlackLine, Inc. (NASDAQ:BL)

FourThought Financial Partners LLC reduced its position in BlackLine, Inc. (NASDAQ:BL) by 1.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,778 shares of the technology company’s stock after selling 294 shares during the period. FourThought Financial Partners LLC’s holdings in BlackLine were worth $1,048,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BL. CWM LLC lifted its holdings in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after purchasing an additional 220 shares in the last quarter. CVA Family Office LLC acquired a new stake in BlackLine during the 4th quarter valued at $38,000. Federated Hermes Inc. increased its position in BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after buying an additional 773 shares in the last quarter. Operose Advisors LLC increased its position in BlackLine by 291.2% during the third quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after buying an additional 728 shares in the last quarter. Finally, Cutler Group LLC CA acquired a new position in shares of BlackLine in the third quarter worth $74,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BL has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. The Goldman Sachs Group lifted their price objective on BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research report on Tuesday, January 23rd. Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $55.00 to $62.00 in a research report on Tuesday, April 23rd. Robert W. Baird decreased their price target on BlackLine from $65.00 to $61.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, Wolfe Research started coverage on shares of BlackLine in a research note on Monday, March 18th. They set a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $62.20.

Insiders Place Their Bets

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. 9.93% of the stock is owned by corporate insiders.

BlackLine Stock Up 2.0 %

BL stock traded up $1.22 during midday trading on Friday, hitting $60.91. 675,236 shares of the company’s stock were exchanged, compared to its average volume of 699,125. The firm has a 50 day moving average price of $62.35 and a 200-day moving average price of $59.50. BlackLine, Inc. has a 12-month low of $47.26 and a 12-month high of $69.31. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of -609.10, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.28. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. On average, analysts anticipate that BlackLine, Inc. will post 1.02 EPS for the current year.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.