Victory Capital Management Inc. Reduces Position in BlackLine, Inc. (NASDAQ:BL)

Victory Capital Management Inc. decreased its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 31.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 17,682 shares of the technology company’s stock after selling 7,995 shares during the quarter. Victory Capital Management Inc.’s holdings in BlackLine were worth $1,074,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BL. Mutual of America Capital Management LLC boosted its position in shares of BlackLine by 67.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 57,884 shares of the technology company’s stock valued at $3,192,000 after acquiring an additional 23,294 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in BlackLine by 4.8% in the third quarter. Thrivent Financial for Lutherans now owns 44,639 shares of the technology company’s stock valued at $2,462,000 after buying an additional 2,046 shares during the last quarter. Quest Partners LLC acquired a new position in BlackLine in the third quarter valued at about $485,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in BlackLine by 214.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 128,149 shares of the technology company’s stock valued at $7,066,000 after buying an additional 87,431 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in BlackLine in the third quarter valued at about $818,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on BL shares. Truist Financial decreased their target price on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. 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 report on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Finally, Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and increased their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $66.40.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of the company’s 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 owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 9.93% of the stock is currently owned by insiders.

BlackLine Stock Performance

NASDAQ BL opened at $50.16 on Thursday. The business’s 50-day simple moving average is $55.18 and its 200-day simple moving average is $56.73. The firm has a market capitalization of $3.15 billion, a P/E ratio of 34.59, a P/E/G ratio of 10.80 and a beta of 1.03. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.09.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Equities analysts predict that BlackLine, Inc. will post 0.9 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.