Sone Capital Management LLC Takes Position in BlackLine, Inc. (NASDAQ:BL)

Sone Capital Management LLC purchased a new position in shares of BlackLine, Inc. (NASDAQ:BL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 81,204 shares of the technology company’s stock, valued at approximately $4,934,000. Sone Capital Management LLC owned about 0.13% of BlackLine as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. purchased a new position in shares of BlackLine during the fourth quarter worth approximately $34,928,000. Tensile Capital Management LP grew its position in BlackLine by 16.5% during the 4th quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company’s stock worth $45,023,000 after purchasing an additional 105,000 shares during the last quarter. Select Equity Group L.P. acquired a new position in BlackLine in the fourth quarter valued at $1,328,000. Royal Bank of Canada raised its holdings in shares of BlackLine by 10.2% in the fourth quarter. Royal Bank of Canada now owns 269,594 shares of the technology company’s stock valued at $16,381,000 after buying an additional 25,006 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of BlackLine by 42.7% in the fourth quarter. ProShare Advisors LLC now owns 17,736 shares of the technology company’s stock valued at $1,078,000 after buying an additional 5,309 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 9,088 shares of the business’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 sale, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BL has been the topic of several recent research reports. Piper Sandler boosted their price target on BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Morgan Stanley dropped their target price on BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Truist Financial upped their price target on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday, May 8th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Citigroup dropped their price objective on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $60.75.

BlackLine Price Performance

Shares of NASDAQ BL opened at $55.54 on Monday. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. The firm has a market capitalization of $3.46 billion, a P/E ratio of 38.30, a PEG ratio of 10.80 and a beta of 0.94. The company’s fifty day moving average is $48.17 and its two-hundred day moving average is $55.08.

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.