Invesco Ltd. Decreases Holdings in BlackLine, Inc. (NASDAQ:BL)

Invesco Ltd. reduced its position in BlackLine, Inc. (NASDAQ:BL) by 4.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,164 shares of the technology company’s stock after selling 7,804 shares during the period. Invesco Ltd. owned about 0.27% of BlackLine worth $10,339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BL. American Century Companies Inc. raised its position in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after purchasing an additional 889,570 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of BlackLine in the fourth quarter valued at $23,770,000. Conestoga Capital Advisors LLC increased its position in BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in BlackLine during the 4th quarter worth about $19,392,000. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Price Performance

BlackLine stock opened at $45.06 on Wednesday. The firm has a fifty day moving average of $47.82 and a 200-day moving average of $55.91. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $2.84 billion, a P/E ratio of 31.08, a PEG ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results 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 net margin of 24.67% and a return on equity of 21.63%. As a group, analysts predict that BlackLine, Inc. will post 0.9 EPS for the current year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 8.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, April 17th. Citigroup lowered their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Piper Sandler dropped their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Finally, Truist Financial decreased their price target on BlackLine from $55.00 to $40.00 and set a “hold” rating on the stock in a research note on Monday, April 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $61.00.

BlackLine Company 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.