KLP Kapitalforvaltning AS Buys New Shares in BlackLine, Inc. (NASDAQ:BL)

KLP Kapitalforvaltning AS bought a new stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,700 shares of the technology company's stock, valued at approximately $650,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BL. HighTower Advisors LLC boosted its position in BlackLine by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock valued at $393,000 after acquiring an additional 161 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after purchasing an additional 185 shares during the period. Arizona State Retirement System boosted its position in shares of BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock valued at $931,000 after purchasing an additional 192 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after purchasing an additional 200 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock worth $77,000 after purchasing an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction dated Friday, February 21st. The stock was 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 of the company's stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.93% of the stock is currently owned by insiders.

BlackLine Stock Performance

Shares of NASDAQ BL traded down $1.98 during trading on Friday, reaching $44.10. 1,292,352 shares of the company traded hands, compared to its average volume of 800,207. The stock has a market capitalization of $2.78 billion, a PE ratio of 30.41, a P/E/G ratio of 10.80 and a beta of 0.97. The firm has a 50 day simple moving average of $52.79 and a 200-day simple moving average of $56.77. BlackLine, Inc. has a 52-week low of $43.02 and a 52-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.

BlackLine (NASDAQ:BL - Get Free Report) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Equities research analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Wall Street Analyst Weigh In

BL has been the topic of a number of recent research reports. StockNews.com downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and boosted their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Citigroup lowered their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research note on Wednesday, February 12th. Truist Financial dropped their target price on BlackLine from $60.00 to $55.00 and set a "hold" rating on the stock in a report on Wednesday, February 12th. Finally, BMO Capital Markets reduced their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, BlackLine currently has an average rating of "Hold" and a consensus price target of $65.64.

BlackLine Company Profile

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.