Rheos Capital Works Inc. Buys Shares of 100,000 BlackLine, Inc. (NASDAQ:BL)

Rheos Capital Works Inc. bought a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 100,000 shares of the technology company's stock, valued at approximately $6,076,000. Rheos Capital Works Inc. owned about 0.16% of BlackLine at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BL. Quarry LP bought a new stake in BlackLine in the second quarter worth $32,000. GAMMA Investing LLC increased its holdings in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after acquiring an additional 185 shares during the last quarter. Covestor Ltd increased its holdings in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after acquiring an additional 337 shares during the last quarter. KBC Group NV lifted its holdings in BlackLine by 44.0% in the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company's stock worth $132,000 after purchasing an additional 666 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in BlackLine during the second quarter worth approximately $220,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Bank of America raised shares of BlackLine from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Citigroup raised BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 price objective for the company in a research report on Thursday, January 16th. Finally, Piper Sandler downgraded BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price target on the stock. in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and an average target price of $68.10.

BlackLine Price Performance

Shares of BlackLine stock traded down $0.51 during midday trading on Thursday, hitting $65.13. 416,388 shares of the company were exchanged, compared to its average volume of 543,945. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market cap of $4.07 billion, a P/E ratio of 66.46, a PEG ratio of 8.97 and a beta of 0.92. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The firm has a 50 day simple moving average of $61.68 and a 200-day simple moving average of $56.26.

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.