Arrowstreet Capital Limited Partnership acquired a new stake in BlackLine, Inc. (NASDAQ:BL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 319,158 shares of the technology company's stock, valued at approximately $19,392,000. Arrowstreet Capital Limited Partnership owned 0.51% of BlackLine as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in BlackLine by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company's stock worth $27,307,000 after acquiring an additional 20,027 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of BlackLine by 0.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,072 shares of the technology company's stock worth $6,566,000 after purchasing an additional 753 shares during the last quarter. Atom Investors LP bought a new stake in shares of BlackLine in the third quarter valued at $285,000. Centiva Capital LP bought a new position in BlackLine during the third quarter worth about $336,000. Finally, Point72 Asset Management L.P. boosted its holdings in BlackLine by 63.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company's stock worth $17,534,000 after buying an additional 122,849 shares during the period. 95.13% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
BL has been the topic of a number of research analyst reports. DA Davidson initiated coverage on BlackLine in a research note on Tuesday, April 1st. They issued a "buy" rating and a $58.00 target price on the stock. Piper Sandler dropped their price objective on BlackLine from $60.00 to $58.00 and set an "underweight" rating for the company in a report on Wednesday, February 12th. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Truist Financial cut their price objective on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a report on Monday. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Two investment 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $64.27.
Read Our Latest Stock Report on BL
Insider Activity at BlackLine
In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.93% of the stock is currently owned by company insiders.
BlackLine Price Performance
Shares of NASDAQ BL traded down $0.56 during trading on Tuesday, hitting $42.27. The company had a trading volume of 1,365,536 shares, compared to its average volume of 807,031. BlackLine, Inc. has a fifty-two week low of $40.82 and a fifty-two week high of $69.09. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The stock has a fifty day simple moving average of $51.55 and a two-hundred day simple moving average of $56.54. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 29.15, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97.
BlackLine (NASDAQ:BL - Get Free Report) last issued its 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%. On average, research analysts expect that BlackLine, Inc. will post 0.9 earnings per share for the current year.
About BlackLine
(
Free Report)
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.
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