Geneva Capital Management LLC Trims Holdings in BlackLine, Inc. (NASDAQ:BL)

Geneva Capital Management LLC reduced its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 0.6% in the first quarter, HoldingsChannel reports. The fund owned 920,440 shares of the technology company’s stock after selling 5,301 shares during the period. Geneva Capital Management LLC’s holdings in BlackLine were worth $59,442,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BL. CWM LLC increased its stake in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after purchasing an additional 220 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of BlackLine in the 1st quarter worth approximately $33,000. CVA Family Office LLC bought a new position in BlackLine during the 4th quarter valued at approximately $38,000. Federated Hermes Inc. raised its stake in BlackLine by 505.2% during the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after buying an additional 773 shares during the last quarter. Finally, OLD National Bancorp IN bought a new stake in BlackLine in the fourth quarter worth $202,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

BL traded up $0.71 during mid-day trading on Thursday, reaching $47.89. 1,012,991 shares of the company traded hands, compared to its average volume of 985,564. The stock has a market capitalization of $2.96 billion, a P/E ratio of 205.13, a P/E/G ratio of 5.62 and a beta of 0.86. BlackLine, Inc. has a 52-week low of $43.79 and a 52-week high of $69.31. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08. The company’s fifty day moving average price is $50.53 and its 200-day moving average price is $57.36.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. The company had revenue of $157.46 million for the quarter, compared to the consensus estimate of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. On average, sell-side analysts expect that BlackLine, Inc. will post 1.1 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Robert W. Baird raised their price target on BlackLine from $61.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. William Blair upgraded shares of BlackLine to a “hold” rating in a research note on Tuesday, May 7th. BMO Capital Markets upped their target price on shares of BlackLine from $65.00 to $67.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 8th. Citigroup reduced their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Finally, Piper Sandler raised BlackLine from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $55.00 to $62.00 in a research report on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $63.56.

Insider Buying and Selling

In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the purchase, the insider now directly owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The stock was acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the transaction, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Owen Ryan acquired 3,000 shares of the stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the transaction, the chief executive officer now owns 145,948 shares in the company, valued at $7,279,886.24. The disclosure for this purchase can be found here. 9.53% of the stock is currently owned by insiders.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.