State of New Jersey Common Pension Fund D Lowers Position in BlackLine, Inc. (NASDAQ:BL)

State of New Jersey Common Pension Fund D cut its stake in BlackLine, Inc. (NASDAQ:BL) by 7.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,381 shares of the technology company’s stock after selling 3,093 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of BlackLine worth $2,211,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Creative Planning lifted its holdings in shares of BlackLine by 88.9% during the third quarter. Creative Planning now owns 7,984 shares of the technology company’s stock valued at $440,000 after purchasing an additional 3,758 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of BlackLine by 3,027.3% during the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock valued at $12,403,000 after purchasing an additional 217,751 shares during the last quarter. Conestoga Capital Advisors LLC lifted its holdings in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of BlackLine by 90.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 210,000 shares of the technology company’s stock valued at $11,579,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of BlackLine by 13.6% during 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 during the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Trading Down 0.3 %

NASDAQ:BL opened at $49.17 on Friday. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a market cap of $3.07 billion, a PE ratio of 33.91, a price-to-earnings-growth ratio of 10.64 and a beta of 0.92. The company has a 50 day simple moving average of $59.77 and a two-hundred day simple moving average of $56.91.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS 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%. Research analysts forecast that BlackLine, Inc. will post 0.93 earnings per share for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BL has been the subject of several analyst reports. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler reduced their price target 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. Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.40.

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.