Charles Schwab Investment Management Inc. Increases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Charles Schwab Investment Management Inc. increased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 1.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 501,699 shares of the technology company’s stock after buying an additional 6,477 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in BlackLine were worth $30,483,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after buying an additional 34,919 shares in the last quarter. Icon Wealth Advisors LLC raised its position in BlackLine by 307.5% during the third 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 period. Victory Capital Management Inc. raised its position in BlackLine by 61.9% during the third 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 period. Weiss Asset Management LP acquired a new position in BlackLine during the third quarter worth $1,506,000. Finally, Eagle Asset Management Inc. raised its position in BlackLine by 74.0% during the third 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 period. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Price Performance

Shares of NASDAQ BL opened at $49.89 on Monday. The firm has a 50-day simple moving average of $55.68 and a 200-day simple moving average of $56.78. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 34.41, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.09.

BlackLine (NASDAQ:BL) last released 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, equities analysts predict that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

BL has been the subject of a number of research analyst reports. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Citigroup reduced their price objective 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. BMO Capital Markets reduced their price objective on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Piper Sandler reduced 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 reduced their price objective on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $66.40.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.93% of the stock is owned by company insiders.

About BlackLine

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.