Teacher Retirement System of Texas Purchases 5,467 Shares of BlackLine, Inc. (NASDAQ:BL)

Teacher Retirement System of Texas grew its position in BlackLine, Inc. (NASDAQ:BL) by 87.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 11,740 shares of the technology company’s stock after buying an additional 5,467 shares during the quarter. Teacher Retirement System of Texas’ holdings in BlackLine were worth $713,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of BL. Principal Financial Group Inc. grew its position in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after purchasing an additional 34,919 shares in the last quarter. Weiss Asset Management LP acquired a new position in shares of BlackLine during the 3rd quarter worth about $1,506,000. Charles Schwab Investment Management Inc. grew its holdings in shares of BlackLine by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock valued at $27,307,000 after acquiring an additional 20,027 shares in the last quarter. JPMorgan Chase & Co. increased its position 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 valued at $91,896,000 after acquiring an additional 435,271 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in BlackLine by 20.2% during 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. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Stock Performance

NASDAQ BL opened at $48.81 on Monday. The stock has a market cap of $3.07 billion, a PE ratio of 33.66, 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 quick ratio of 2.69 and a current ratio of 2.59. The firm has a 50-day moving average of $54.08 and a 200-day moving average of $56.87. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.09.

BlackLine (NASDAQ:BL) last issued 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%. On average, sell-side analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JMP Securities restated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. BMO Capital Markets decreased their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Piper Sandler decreased their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday, February 12th. Finally, Truist Financial lowered their price objective on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $66.40.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction that occurred 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 approximately $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.93% of the stock is currently owned by corporate 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.