Sone Capital Management LLC Makes New Investment in BlackLine, Inc. (NASDAQ:BL)

Sone Capital Management LLC purchased a new stake in BlackLine, Inc. (NASDAQ:BL) in the 4th quarter, Holdings Channel.com reports. The fund purchased 81,204 shares of the technology company’s stock, valued at approximately $4,934,000.

A number of other large investors also recently made changes to their positions in BL. Westwood Holdings Group Inc. acquired a new position in BlackLine in the fourth quarter valued at $34,928,000. Tensile Capital Management LP boosted its stake in BlackLine by 16.5% in the 4th quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company’s stock worth $45,023,000 after buying an additional 105,000 shares during the last quarter. Select Equity Group L.P. purchased a new stake in BlackLine in the 4th quarter valued at about $1,328,000. Royal Bank of Canada increased its stake in shares of BlackLine by 10.2% during the 4th quarter. Royal Bank of Canada now owns 269,594 shares of the technology company’s stock valued at $16,381,000 after acquiring an additional 25,006 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of BlackLine by 42.7% during the 4th quarter. ProShare Advisors LLC now owns 17,736 shares of the technology company’s stock worth $1,078,000 after acquiring an additional 5,309 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BL shares. Truist Financial raised their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Piper Sandler lifted their price target on shares of BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. BMO Capital Markets dropped their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. The Goldman Sachs Group cut their target price on BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research report on Thursday, April 17th. Finally, Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, BlackLine presently has an average rating of “Hold” and a consensus price target of $60.75.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.60% of the stock is owned by corporate insiders.

BlackLine Price Performance

BL stock opened at $55.54 on Monday. The firm has a market cap of $3.46 billion, a P/E ratio of 38.30, 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 quick ratio of 2.69 and a current ratio of 2.59. BlackLine, Inc. has a 1 year low of $40.82 and a 1 year high of $66.25. The stock has a 50-day simple moving average of $48.17 and a 200-day simple moving average of $55.08.

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.