Norges Bank Invests $7 Million in BlackLine, Inc. (NASDAQ:BL)

Norges Bank acquired a new stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 115,182 shares of the technology company's stock, valued at approximately $6,998,000. Norges Bank owned 0.18% of BlackLine at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in shares of BlackLine during the fourth quarter worth about $31,000. Global Retirement Partners LLC boosted its holdings in shares of BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after purchasing an additional 449 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after buying an additional 185 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after buying an additional 209 shares during the period. Finally, KBC Group NV raised its holdings in shares of BlackLine by 44.0% during the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company's stock valued at $132,000 after acquiring an additional 666 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BL shares. Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and increased their price objective for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler lowered their target price on BlackLine from $60.00 to $58.00 and set an "underweight" rating for the company in a report on Wednesday, February 12th. StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. Finally, JMP Securities reissued a "market outperform" rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $64.27.

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BlackLine Stock Down 0.0 %

Shares of BlackLine stock traded down $0.02 during trading on Monday, hitting $45.58. 34,343 shares of the stock were exchanged, compared to its average volume of 807,859. The firm's 50-day moving average price is $50.10 and its 200 day moving average price is $56.38. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL - Get Free Report) last issued its quarterly earnings data 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%. As a group, analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.93% of the company's stock.

About BlackLine

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.