Redmond Asset Management LLC Sells 503 Shares of BlackLine, Inc. (NASDAQ:BL)

Redmond Asset Management LLC lessened its position in shares of BlackLine, Inc. (NASDAQ:BL) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,082 shares of the technology company’s stock after selling 503 shares during the period. Redmond Asset Management LLC owned approximately 0.08% of BlackLine worth $2,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BL. Creative Planning lifted its position in shares of BlackLine by 88.9% during the 3rd quarter. Creative Planning now owns 7,984 shares of the technology company’s stock worth $440,000 after buying an additional 3,758 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in BlackLine by 3,027.3% during 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 during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of BlackLine by 24.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in BlackLine by 90.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 210,000 shares of the technology company’s stock worth $11,579,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake 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 valued at $16,033,000 after acquiring an additional 34,919 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

A number of brokerages have commented on BL. Truist Financial decreased their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, February 12th. JPMorgan Chase & Co. upped their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Morgan Stanley upped their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler cut their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday, February 12th. Finally, StockNews.com upgraded BlackLine from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $66.40.

BlackLine Stock Down 0.3 %

Shares of NASDAQ:BL opened at $49.17 on Friday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The firm has a market capitalization of $3.07 billion, a P/E ratio of 33.91, a P/E/G ratio of 10.64 and a beta of 0.92. The stock has a 50 day moving average price of $59.77 and a 200-day moving average price of $56.91. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 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%. As a group, equities research analysts anticipate that BlackLine, Inc. will post 0.93 EPS for the current fiscal 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.