Conestoga Capital Advisors LLC Has $88.34 Million Holdings in BlackLine, Inc. (NASDAQ:BL)

Conestoga Capital Advisors LLC raised its position in BlackLine, Inc. (NASDAQ:BL) by 3.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,414,835 shares of the technology company’s stock after acquiring an additional 47,420 shares during the period. Conestoga Capital Advisors LLC owned approximately 2.31% of BlackLine worth $88,342,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of BL. Cambridge Investment Research Advisors Inc. boosted its position in shares of BlackLine by 14.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,251 shares of the technology company’s stock valued at $384,000 after buying an additional 673 shares during the last quarter. HighTower Advisors LLC boosted its position in BlackLine by 10.0% in the first quarter. HighTower Advisors LLC now owns 12,764 shares of the technology company’s stock worth $935,000 after purchasing an additional 1,163 shares during the last quarter. MetLife Investment Management LLC boosted its position in BlackLine by 54.9% in the first quarter. MetLife Investment Management LLC now owns 28,627 shares of the technology company’s stock worth $2,096,000 after purchasing an additional 10,141 shares during the last quarter. Rhumbline Advisers boosted its position in BlackLine by 1.5% in the first quarter. Rhumbline Advisers now owns 57,983 shares of the technology company’s stock worth $4,246,000 after purchasing an additional 853 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its position in BlackLine by 8.9% in the first quarter. Raymond James Trust N.A. now owns 8,478 shares of the technology company’s stock worth $621,000 after purchasing an additional 691 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

Shares of BL traded down $4.43 during trading hours on Wednesday, reaching $64.18. 427,456 shares of the company traded hands, compared to its average volume of 937,096. BlackLine, Inc. has a 12-month low of $47.26 and a 12-month high of $69.31. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The stock has a market capitalization of $3.97 billion, a P/E ratio of -642.20, a P/E/G ratio of 11.55 and a beta of 0.86. The business has a fifty day moving average price of $61.92 and a 200-day moving average price of $58.77.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The firm had revenue of $155.73 million during the quarter, compared to the consensus estimate of $154.24 million. Equities analysts anticipate that BlackLine, Inc. will post 1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on BL shares. Piper Sandler lowered their target price on BlackLine from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. The Goldman Sachs Group boosted their price objective on BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research note on Tuesday, January 23rd. Wolfe Research started coverage on BlackLine in a research report on Monday, March 18th. They set a “peer perform” rating for the company. Citigroup boosted their target price on BlackLine from $57.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 27th. Finally, Robert W. Baird reduced their target price on BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $61.80.

Insider Transactions at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at approximately $632,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Unterman sold 750 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the transaction, the director now directly owns 51,470 shares in the company, valued at approximately $3,088,200. The disclosure for this sale can be found here. Insiders own 9.53% of the company’s stock.

BlackLine Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.