BlackLine, Inc. (NASDAQ:BL) Shares Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. grew its position in BlackLine, Inc. (NASDAQ:BL) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,038 shares of the technology company’s stock after purchasing an additional 355 shares during the period. Summit Investment Advisors Inc.’s holdings in BlackLine were worth $367,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Synovus Financial Corp acquired a new stake in BlackLine during the 4th quarter worth about $689,000. Covestor Ltd raised its position in BlackLine by 20.1% during the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock valued at $102,000 after acquiring an additional 280 shares in the last quarter. Raymond James Financial Inc. acquired a new position in BlackLine in the fourth quarter valued at approximately $23,770,000. Renaissance Group LLC boosted its position in BlackLine by 40.7% in the 4th quarter. Renaissance Group LLC now owns 73,888 shares of the technology company’s stock worth $4,475,000 after purchasing an additional 21,360 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in BlackLine by 11.4% in the 4th quarter. Federated Hermes Inc. now owns 71,370 shares of the technology company’s stock worth $4,336,000 after purchasing an additional 7,316 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the sale, the executive now directly owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.60% of the stock is currently owned by company insiders.

BlackLine Stock Down 0.4 %

BL stock opened at $44.44 on Friday. 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 firm has a 50-day moving average of $48.13 and a two-hundred day moving average of $56.05. BlackLine, Inc. has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 30.65, a PEG ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. As a group, analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Citigroup dropped their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. DA Davidson reduced their price target on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Truist Financial dropped their price objective on BlackLine from $55.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $61.00.

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.