Thrivent Financial for Lutherans Has $2.69 Million Holdings in BlackLine, Inc. (NASDAQ:BL)

Thrivent Financial for Lutherans lowered its position in shares of BlackLine, Inc. (NASDAQ:BL) by 1.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,174 shares of the technology company’s stock after selling 465 shares during the period. Thrivent Financial for Lutherans owned about 0.07% of BlackLine worth $2,687,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BL. Principal Financial Group Inc. grew its stake in shares of BlackLine by 13.6% in the third 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 last quarter. Weiss Asset Management LP bought a new position in shares of BlackLine during the third quarter worth about $1,506,000. Charles Schwab Investment Management Inc. lifted its stake in shares of BlackLine by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock worth $27,307,000 after acquiring an additional 20,027 shares during the period. JPMorgan Chase & Co. increased its position in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares during the period. Finally, Conestoga Capital Advisors LLC raised its holdings in BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after purchasing an additional 354,784 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the subject of several recent analyst reports. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Citigroup decreased their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note 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, JMP Securities reiterated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $66.40.

BlackLine Stock Performance

BL opened at $50.19 on Friday. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 10.80 and a beta of 1.03. The company’s fifty day moving average price is $54.29 and its two-hundred day moving average price is $56.75. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.09. 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 (NASDAQ:BL) last posted its earnings results 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%. On average, analysts expect that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insider Activity at BlackLine

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

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.