Hardy Reed LLC Has $294,000 Stake in BlackLine, Inc. (NASDAQ:BL)

Hardy Reed LLC raised its stake in BlackLine, Inc. (NASDAQ:BL) by 9.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,843 shares of the technology company’s stock after buying an additional 420 shares during the quarter. Hardy Reed LLC’s holdings in BlackLine were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 9.53% of the company’s stock.

Wall Street Analysts Forecast Growth

BL has been the subject of several recent analyst reports. Truist Financial lowered their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, February 12th. StockNews.com upgraded BlackLine from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. increased their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. JMP Securities restated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $66.40.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $49.96 on Thursday. The stock has a 50 day moving average price of $60.38 and a 200 day moving average price of $56.93. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a market capitalization of $3.12 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 10.94 and a beta of 0.92.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results 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%. Analysts predict that BlackLine, Inc. will post 0.93 earnings per share for the current fiscal year.

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.