Gagnon Securities LLC grew its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 6.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 197,278 shares of the technology company's stock after acquiring an additional 12,292 shares during the period. BlackLine accounts for approximately 2.4% of Gagnon Securities LLC's holdings, making the stock its 19th largest position. Gagnon Securities LLC owned about 0.32% of BlackLine worth $11,987,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in BL. Principal Financial Group Inc. raised its stake in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after purchasing an additional 34,919 shares during the last quarter. Icon Wealth Advisors LLC raised its position in shares of BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company's stock valued at $907,000 after buying an additional 12,415 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock valued at $1,416,000 after purchasing an additional 9,820 shares in the last quarter. Weiss Asset Management LP acquired a new position in BlackLine in the third quarter worth about $1,506,000. Finally, Eagle Asset Management Inc. grew its position in BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company's stock worth $12,335,000 after acquiring an additional 86,931 shares during the last quarter. Institutional investors own 95.13% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and upped their target price for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Morgan Stanley lifted their target price on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. JMP Securities restated a "market outperform" rating and set a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Finally, Truist Financial boosted their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $68.10.
Read Our Latest Stock Analysis on BlackLine
BlackLine Price Performance
NASDAQ:BL traded up $0.74 during mid-day trading on Wednesday, reaching $65.31. The stock had a trading volume of 158,177 shares, compared to its average volume of 539,064. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a 50 day moving average price of $61.60 and a two-hundred day moving average price of $56.20. The stock has a market capitalization of $4.08 billion, a P/E ratio of 66.64, a P/E/G ratio of 8.97 and a beta of 0.92.
Insiders Place Their Bets
In other news, CRO Mark Woodhams sold 24,408 shares of the business's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 9.53% of the company's stock.
BlackLine Company Profile
(
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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