Investment management company Ave Maria recently released its “Ave Maria Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the first quarter was 9.29% compared to a 7.50% return for the S&P 500 Index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Growth Fund highlighted stocks like BlackLine, Inc. (NASDAQ:BL) in the first quarter 2023 investor letter. Headquartered in Woodland Hills, California, BlackLine, Inc. (NASDAQ:BL) provides accounting and financial software to automate and streamline operations. On June 7, 2023, BlackLine, Inc. (NASDAQ:BL) stock closed at $53.10 per share. One-month return of BlackLine, Inc. (NASDAQ:BL) was -2.78%, and its shares lost 30.86% of their value over the last 52 weeks. BlackLine, Inc. (NASDAQ:BL) has a market capitalization of $3.212 billion.
Ave Maria Growth Fund made the following comment about BlackLine, Inc. (NASDAQ:BL) in its Q1 2023 investor letter:
“BlackLine, Inc. (NASDAQ:BL) sells the leading financial close software to help businesses easily close out their books at the end of their reporting periods. Customer satisfaction is extremely high, resulting in a best-in-class revenue renewal rate of 98% and a historical growth rate above 20% per year. Low product penetration of existing products and the opportunity to develop new adjacent products creates a long runway for the standalone company to continue growing at a rapid rate. The potential for a strategic acquirer to remove costs from the business makes it an attractive acquisition target too.”
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BlackLine, Inc. (NASDAQ:BL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held BlackLine, Inc. (NASDAQ:BL) at the end of first quarter 2023 which was 23 in the previous quarter.
We discussed BlackLine, Inc. (NASDAQ:BL) in another article and shared the list of high growth SaaS stocks that are profitable. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.