Scalar Gauge Management LLC Increases Stake in BlackLine, Inc.

Scalar Gauge Management LLC has significantly increased its investment in BlackLine, Inc. (NASDAQ:BL) by 442.8% during the fourth quarter, as detailed in the firm's latest filing with the Securities and Exchange Commission. Following the purchase of an additional 287,841 shares, Scalar now owns a total of 352,841 shares of the technology company's stock. This increase means that BlackLine represents 9.9% of Scalar Gauge Management's overall investment portfolio, making it the firm's largest holding. As of the most recent SEC filing, Scalar Gauge Management LLC's stake in BlackLine is valued at approximately $21,439,000, which accounts for around 0.56% of the company’s total outstanding shares.

Other institutional investors have also been actively adjusting their stakes in BlackLine. For instance, American Century Companies Inc. has notably increased its holdings by 12,538.0% during the last quarter, bringing their total ownership to 896,665 shares, valued at $54,481,000 after acquiring an additional 889,570 shares. Similarly, JPMorgan Chase & Co. enhanced its position by 35.3% in the third quarter, currently holding 1,666,591 shares valued at $91,896,000 following the purchase of 435,271 shares. Additionally, Raymond James Financial Inc. joined the ranks of investors, acquiring a new position valued at $23,770,000, while Conestoga Capital Advisors LLC also increased their stake by 20.2%, ultimately owning 2,113,882 shares worth $128,439,000 after buying another 354,784 shares. Finally, Arrowstreet Capital Limited Partnership established a new stake in BlackLine valued at around $19,392,000. Collectively, hedge funds and other institutional investors own 95.13% of BlackLine's stock.

Equities Analysts' Insights

Recent reports from analysts provide mixed signals about BlackLine's stock performance. BMO Capital Markets has lowered its price target from $68.00 to $60.00 while maintaining a "market perform" rating. Conversely, JMP Securities restated a "market outperform" rating, aiming for an $86.00 price target. Bank of America has upgraded BlackLine from an "underperform" rating to a "buy" rating, also increasing its price objective from $50.00 to $75.00. On the other hand, Piper Sandler has reduced its price objective from $60.00 to $58.00, advocating an "underweight" rating. Citigroup has similarly cut its target price from $73.00 to $70.00 while maintaining a "buy" rating for the stock. In total, two analysts have issued sell ratings, four have noted hold ratings, and six recommend buying the stock, leading to a consensus rating of "Hold" with an average price target of $66.40.

BlackLine Stock Performance

On Monday, BlackLine shares opened at $48.81, reflecting a 2.7% decline in stock values. The company has a 50-day moving average price of $54.08 and a 200-day moving average of $56.87. BlackLine's stock has fluctuated between a low of $43.37 and a high of $69.09 over the past year. Financial ratios indicate a current ratio of 2.59, a quick ratio of 2.69, and a debt-to-equity ratio of 2.00. As for market capitalization, BlackLine stands at $3.07 billion, with a PE ratio of 33.66 and a price-to-earnings growth ratio of 10.80, indicating its growth potential and volatility.

Recent Earnings and Insider Trading

BlackLine published its quarterly earnings on February 11, revealing a reported EPS of $0.21. This figure fell short of analysts' expectations, which estimated earnings of $0.50, marking a discrepancy of ($0.29). BlackLine has demonstrated a return on equity of 21.63% and maintains a net margin of 24.67%. Analysts project an EPS of 0.90 for the current fiscal year.

In related news, Mark Woodhams, the Chief Revenue Officer, sold 9,088 shares of BlackLine on February 21, executing the transaction at an average price of $49.67 per share for a total value of $451,400.96. Post-transaction, Woodhams retains 65,414 shares valued at approximately $3,249,113.38, representing a 12.20% reduction in his holdings. This transaction was formalized in a filing with the SEC.

About BlackLine, Inc.

BlackLine, Inc. specializes in a cloud-based software platform aimed at revolutionizing accounting and finance operations for various organizations. Its scalable technology supports essential accounting processes like financial closes, account reconciliations, intercompany accounting, and controls assurance.

Investment, Stocks, Hedge