BlackLine, Inc. (NASDAQ:BL) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 13.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 290,775 shares of the technology company's stock after buying an additional 34,919 shares during the period. Principal Financial Group Inc. owned about 0.47% of BlackLine worth $16,033,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Quarry LP purchased a new stake in shares of BlackLine in the second quarter worth $32,000. EntryPoint Capital LLC bought a new stake in BlackLine during the first quarter valued at about $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine in the second quarter worth about $64,000. Covestor Ltd raised its stake in shares of BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company's stock worth $97,000 after buying an additional 340 shares during the period. Finally, Fifth Third Bancorp grew its stake in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock valued at $112,000 after acquiring an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the transaction, the executive now directly owns 97,582 shares of the company's stock, valued at $5,044,989.40. This represents a 1.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares of the company's stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,495 shares of company stock valued at $7,560,534 over the last quarter. 9.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday. Robert W. Baird reduced their price objective on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Truist Financial upped their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. raised their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research note on Friday, October 25th. Finally, Piper Sandler increased their price objective on shares of BlackLine from $51.00 to $60.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $63.60.

BlackLine Stock Down 2.1 %

Shares of BL traded down $1.25 during midday trading on Friday, reaching $59.31. 671,778 shares of the stock were exchanged, compared to its average volume of 883,800. The company has a market capitalization of $3.71 billion, a P/E ratio of 60.52, a PEG ratio of 15.28 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The company's 50 day moving average is $55.16 and its two-hundred day moving average is $51.70.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.