Scalar Gauge Management LLC Buys 287,841 Shares of BlackLine, Inc. (NASDAQ:BL)

Scalar Gauge Management LLC grew its stake in BlackLine, Inc. (NASDAQ:BL) by 442.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,841 shares of the technology company’s stock after buying an additional 287,841 shares during the period. BlackLine accounts for 9.9% of Scalar Gauge Management LLC’s investment portfolio, making the stock its largest holding. Scalar Gauge Management LLC owned about 0.56% of BlackLine worth $21,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of BL. American Century Companies Inc. grew its position in shares of BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after acquiring an additional 889,570 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after purchasing an additional 435,271 shares during the period. Raymond James Financial Inc. purchased a new position in BlackLine during the 4th quarter worth $23,770,000. Conestoga Capital Advisors LLC increased its stake in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of BlackLine in the fourth quarter valued at about $19,392,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. 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 report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler cut 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, Citigroup lowered their target price 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. Two investment 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, the company has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Trading Down 2.7 %

Shares of BlackLine stock opened at $48.81 on Monday. The company has a 50-day moving average of $54.08 and a two-hundred day moving average of $56.87. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month 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. The stock has a market cap of $3.07 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03.

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, research analysts anticipate that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.93% of the stock is 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.