Castleark Management LLC Invests $1.51 Million in BlackLine, Inc. (NASDAQ:BL)

Castleark Management LLC bought a new stake in shares of BlackLine, Inc. (NASDAQ:BL) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,850 shares of the technology company’s stock, valued at approximately $1,510,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in BlackLine by 32.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,535 shares of the technology company’s stock worth $9,572,000 after buying an additional 38,463 shares during the period. Woodline Partners LP bought a new position in shares of BlackLine in the 4th quarter worth approximately $365,000. Sone Capital Management LLC purchased a new position in shares of BlackLine in the 4th quarter valued at approximately $4,934,000. Westwood Holdings Group Inc. purchased a new position in shares of BlackLine in the 4th quarter valued at approximately $34,928,000. Finally, Tensile Capital Management LP boosted its position in shares of BlackLine by 16.5% during the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company’s stock valued at $45,023,000 after purchasing an additional 105,000 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

BL has been the subject of several recent research reports. Morgan Stanley lowered their price objective on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. DA Davidson decreased their target price on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group lowered their target price on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a report on Thursday, April 17th. Finally, Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and upped their price target for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.75.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction that occurred on 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 owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. The trade was a 12.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 8.60% of the company’s stock.

BlackLine Trading Down 2.7%

BlackLine stock opened at $53.94 on Thursday. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. The business’s fifty day moving average is $48.54 and its 200 day moving average is $55.07. The stock has a market capitalization of $3.36 billion, a PE ratio of 37.20, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

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.