Quadrant Capital Group LLC Has $35,000 Stake in BlackLine, Inc. (NASDAQ:BL)

Quadrant Capital Group LLC grew its position in BlackLine, Inc. (NASDAQ:BL) by 243.5% during the fourth quarter, HoldingsChannel reports. The firm owned 584 shares of the technology company’s stock after buying an additional 414 shares during the period. Quadrant Capital Group LLC’s holdings in BlackLine were worth $35,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. American Century Companies Inc. grew its stake in BlackLine by 12,538.0% during the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after purchasing an additional 889,570 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of BlackLine during the 4th quarter worth approximately $23,770,000. Conestoga Capital Advisors LLC increased its stake in shares of BlackLine by 20.2% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of BlackLine during the 4th quarter valued at $19,392,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on BL shares. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. Piper Sandler decreased their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday, February 12th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Citigroup reduced their price objective on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, BMO Capital Markets lowered their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Two equities 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $64.27.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $45.59 on Friday. BlackLine, Inc. has a 1-year low of $40.82 and a 1-year high of $66.25. 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 stock has a market cap of $2.88 billion, a PE ratio of 31.44, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. The stock’s fifty day simple moving average is $50.10 and its two-hundred day simple moving average is $56.35.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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%. As a group, analysts forecast that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insider Activity

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction that occurred 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 owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

BlackLine 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.