OppenheimerFunds Inc. decreased its holdings in shares of Blackline Inc (NASDAQ:BL) by 17.0% in the first quarter, HoldingsChannel.com reports. The fund owned 355,297 shares of the technology company’s stock after selling 72,770 shares during the quarter. OppenheimerFunds Inc.’s holdings in Blackline were worth $16,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Blackline by 148.5% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,647,172 shares of the technology company’s stock valued at $168,937,000 after buying an additional 2,179,350 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Blackline by 4.0% during the 1st quarter. BlackRock Inc. now owns 2,770,273 shares of the technology company’s stock valued at $128,318,000 after buying an additional 105,703 shares in the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Blackline by 0.8% during the 1st quarter. Artisan Partners Limited Partnership now owns 1,325,337 shares of the technology company’s stock valued at $61,390,000 after buying an additional 11,005 shares in the last quarter. Brown Advisory Inc. lifted its stake in shares of Blackline by 16.6% during the 4th quarter. Brown Advisory Inc. now owns 1,165,308 shares of the technology company’s stock valued at $47,719,000 after buying an additional 166,082 shares in the last quarter. Finally, Conestoga Capital Advisors LLC lifted its stake in shares of Blackline by 0.8% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,120,227 shares of the technology company’s stock valued at $51,889,000 after buying an additional 9,390 shares in the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
Shares of BL stock opened at $48.96 on Friday. Blackline Inc has a 52 week low of $34.01 and a 52 week high of $58.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.35 and a current ratio of 1.35.
BL has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Blackline from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Tuesday, April 16th. BidaskClub upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 4th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.50.
In other Blackline news, CFO Mark Partin sold 9,500 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $50.21, for a total value of $476,995.00. Following the sale, the chief financial officer now owns 64,640 shares in the company, valued at approximately $3,245,574.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.77% of the stock is owned by insiders.
BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.
Further Reading: Cost of Equity For A Business, Investors
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