Stanley Laman Group Ltd. Makes New Investment in BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 140,353 shares of the technology company’s stock, valued at approximately $8,764,000. BlackLine comprises 1.3% of Stanley Laman Group Ltd.’s investment portfolio, making the stock its 12th biggest holding. Stanley Laman Group Ltd. owned approximately 0.23% of BlackLine at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. CWM LLC grew its position in shares of BlackLine by 94.8% in the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock worth $28,000 after acquiring an additional 220 shares in the last quarter. CVA Family Office LLC acquired a new position in shares of BlackLine in the 4th quarter worth approximately $38,000. Federated Hermes Inc. grew its position in shares of BlackLine by 505.2% in the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after acquiring an additional 773 shares in the last quarter. Operose Advisors LLC grew its position in shares of BlackLine by 291.2% in the 3rd quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after acquiring an additional 728 shares in the last quarter. Finally, Cutler Group LLC CA acquired a new position in shares of BlackLine in the 3rd quarter worth approximately $74,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Stock Down 1.7 %

NASDAQ:BL traded down $1.04 during trading hours on Thursday, hitting $58.89. 540,408 shares of the company’s stock traded hands, compared to its average volume of 903,871. The firm has a market cap of $3.64 billion, a P/E ratio of -588.90, a P/E/G ratio of 10.92 and a beta of 0.86. The stock’s fifty day moving average price is $62.04 and its two-hundred day moving average price is $59.27. BlackLine, Inc. has a twelve month low of $47.26 and a twelve month high of $69.31. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19.

BlackLine (NASDAQ:BL) last posted 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. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The business had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. On average, research analysts expect that BlackLine, Inc. will post 1.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on BL shares. Piper Sandler upgraded BlackLine from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $55.00 to $62.00 in a research report on Tuesday. Wolfe Research started coverage on BlackLine in a research report on Monday, March 18th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. reduced their price objective on BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Wednesday, February 14th. Robert W. Baird reduced their price objective on BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Finally, William Blair lowered BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. 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 stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $62.20.

Insider Buying and Selling

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the sale, the director now owns 51,470 shares of the company’s stock, valued at approximately $3,088,200. The disclosure for this sale can be found here. 9.93% of the stock is owned by insiders.

BlackLine Company Profile

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.