Cinctive Capital Management LP Acquires 15,460 Shares of BlackLine, Inc. (NASDAQ:BL)

Cinctive Capital Management LP raised its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 14.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,838 shares of the technology company’s stock after buying an additional 15,460 shares during the quarter. Cinctive Capital Management LP owned about 0.19% of BlackLine worth $7,281,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BL. SBI Securities Co. Ltd. bought a new position in BlackLine during the fourth quarter valued at about $31,000. Global Retirement Partners LLC boosted its stake in BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after buying an additional 449 shares in the last quarter. GAMMA Investing LLC increased its holdings in BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the period. Headlands Technologies LLC acquired a new position in shares of BlackLine in the 4th quarter valued at $50,000. Finally, Huntington National Bank lifted its holdings in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock worth $59,000 after acquiring an additional 829 shares during the period. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Performance

Shares of NASDAQ:BL opened at $49.13 on Wednesday. The firm’s 50 day simple moving average is $53.61 and its 200 day simple moving average is $56.86. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.09. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 10.80 and a beta of 1.03. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results 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, sell-side analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. DA Davidson assumed coverage on shares of BlackLine in a research report on Tuesday. They issued a “buy” rating and a $58.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. 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 research note on Wednesday, February 12th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and increased their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, BlackLine presently has an average rating of “Hold” and an average target price of $65.64.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 9.93% of the stock is currently owned by company insiders.

BlackLine Company Profile

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.