Wells Fargo & Company MN Grows Position in BlackLine, Inc. (NASDAQ:BL)

Wells Fargo & Company MN grew its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 62.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,597 shares of the technology company's stock after purchasing an additional 37,285 shares during the period. Wells Fargo & Company MN owned approximately 0.15% of BlackLine worth $5,869,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in BlackLine during the 4th quarter valued at about $31,000. Global Retirement Partners LLC lifted its holdings in shares of 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 purchasing an additional 449 shares during the last quarter. GAMMA Investing LLC grew 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 worth $39,000 after buying an additional 185 shares during the last quarter. Headlands Technologies LLC bought a new position in BlackLine during the 4th quarter valued at approximately $50,000. Finally, Huntington National Bank raised its stake in BlackLine by 596.4% during the fourth quarter. Huntington National Bank now owns 968 shares of the technology company's stock valued at $59,000 after buying an additional 829 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BL shares. DA Davidson cut their target price on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Piper Sandler upgraded shares of BlackLine from an "underweight" rating to a "neutral" rating and reduced their price objective for the company from $58.00 to $46.00 in a research note on Wednesday. Morgan Stanley reduced their price objective on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Bank of America raised shares of BlackLine from an "underperform" rating to a "buy" rating and boosted their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Finally, StockNews.com cut BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $60.00.

BlackLine Price Performance

Shares of BL traded up $0.36 during midday trading on Wednesday, hitting $45.42. 354,625 shares of the company traded hands, compared to its average volume of 804,311. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 10.80 and a beta of 0.97. The firm has a 50 day moving average of $47.82 and a 200-day moving average of $55.91. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. BlackLine, Inc. has a 52 week low of $40.82 and a 52 week high of $66.25.

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

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction that occurred 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 sale, the executive now directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 8.60% of the stock is currently owned by company insiders.

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.