Ameriprise Financial Inc. Purchases 57,708 Shares of BlackLine, Inc. (NASDAQ:BL)

Ameriprise Financial Inc. grew its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 388,594 shares of the technology company's stock after buying an additional 57,708 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.62% of BlackLine worth $23,611,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in shares of BlackLine in the fourth quarter valued at about $31,000. Global Retirement Partners LLC raised its holdings in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after buying an additional 449 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after buying an additional 414 shares during the period. Headlands Technologies LLC acquired a new stake 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 worth $59,000 after buying an additional 829 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction on Friday, February 21st. The shares were 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 in the company, valued at $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 is available at this hyperlink. Insiders own 8.60% of the company's stock.

BlackLine Stock Performance

BL stock traded up $0.03 on Tuesday, hitting $54.90. The company had a trading volume of 28,660 shares, compared to its average volume of 804,504. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 37.85, a P/E/G ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. The stock's 50-day simple moving average is $48.30 and its 200 day simple moving average is $55.08.

Analysts Set New Price Targets

BL has been the subject of a number of research analyst reports. Citigroup decreased their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Piper Sandler increased their price objective on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Truist Financial boosted their price objective on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. StockNews.com lowered BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, DA Davidson reduced their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $60.75.

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.