Connor Clark & Lunn Investment Management Ltd. Sells 120,934 Shares of BlackLine, Inc. (NASDAQ:BL)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 94.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,215 shares of the technology company’s stock after selling 120,934 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in BlackLine were worth $438,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares during the period. Icon Wealth Advisors LLC boosted its stake in shares of BlackLine by 307.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after acquiring an additional 12,415 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after acquiring an additional 9,820 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of BlackLine during the 3rd quarter worth $1,506,000. Finally, Eagle Asset Management Inc. boosted its stake in shares of BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after acquiring an additional 86,931 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Up 1.0 %

NASDAQ:BL opened at $50.29 on Friday. The firm has a market capitalization of $3.16 billion, a P/E ratio of 34.68, a PEG ratio of 10.80 and a beta of 1.03. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.09. The company’s fifty day moving average price is $54.93 and its 200-day moving average price is $56.75. 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 (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. As a group, equities research analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on BL. Piper Sandler lowered their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Citigroup cut their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and upped their price target for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $66.40.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 9.93% of the stock is currently owned by insiders.

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.