Wealthfront Advisers LLC Acquires Shares of 23,712 BlackLine, Inc. (NASDAQ:BL)

Wealthfront Advisers LLC acquired a new stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 23,712 shares of the technology company's stock, valued at approximately $1,441,000.

A number of other hedge funds have also recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in BlackLine in the fourth quarter worth about $31,000. Global Retirement Partners LLC grew its stake in BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after acquiring an additional 449 shares in the last quarter. GAMMA Investing LLC grew its stake in 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 acquiring an additional 185 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after acquiring an additional 209 shares in the last quarter. Finally, KBC Group NV grew its stake in 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 currently owned by institutional investors and hedge funds.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

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Analysts Set New Price Targets

A number of equities analysts have recently commented on BL shares. 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. Citigroup reduced their target price on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. Bank of America raised shares of BlackLine from an "underperform" rating to a "buy" rating and increased their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Truist Financial reduced their target price on shares of 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 target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $66.40.

BlackLine Trading Up 1.2 %

Shares of NASDAQ:BL traded up $0.58 on Wednesday, hitting $50.16. The company had a trading volume of 455,185 shares, compared to its average volume of 776,384. The firm's 50-day simple moving average is $55.32 and its two-hundred day simple moving average is $56.78. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year 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. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 34.59, a P/E/G ratio of 10.80 and a beta of 1.03.

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

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.