Senvest Management LLC Purchases Shares of 27,400 BlackLine, Inc. (NASDAQ:BL)

Senvest Management LLC bought a new stake in BlackLine, Inc. (NASDAQ:BL) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 27,400 shares of the technology company’s stock, valued at approximately $1,665,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. American Century Companies Inc. increased its stake in shares of BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock valued at $54,481,000 after purchasing an additional 889,570 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of BlackLine by 35.3% during the third 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 in the last quarter. Raymond James Financial Inc. purchased a new position in shares of BlackLine in the fourth quarter valued at approximately $23,770,000. Conestoga Capital Advisors LLC boosted its stake in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after acquiring an additional 354,784 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in BlackLine in the 4th quarter valued at $19,392,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 9.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of recent research reports. DA Davidson began coverage on shares of BlackLine in a research report on Tuesday, April 1st. They issued a “buy” rating and a $58.00 target price for the company. Piper Sandler lowered their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and boosted their target price for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Finally, BMO Capital Markets decreased their target price 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. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus target price of $64.27.

BlackLine Stock Performance

BlackLine stock opened at $45.59 on Monday. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. BlackLine, Inc. has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The stock’s 50-day moving average is $50.10 and its 200-day moving average is $56.38.

BlackLine (NASDAQ:BL) last released 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%. Equities analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

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.