Balyasny Asset Management L.P. Raises Stake in BlackLine, Inc. (NASDAQ:BL)

Balyasny Asset Management L.P. lifted its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 365.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 405,801 shares of the technology company's stock after purchasing an additional 318,647 shares during the quarter. Balyasny Asset Management L.P. owned 0.65% of BlackLine worth $24,656,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in shares of BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC increased its stake in shares of 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 acquiring an additional 449 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after acquiring an additional 414 shares in the last quarter. GAMMA Investing LLC lifted its position 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 period. Finally, Headlands Technologies LLC bought a new position in BlackLine during the fourth quarter worth $50,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BL shares. Citigroup dropped their price objective 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. DA Davidson dropped their price target 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 boosted their price objective on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday. Truist Financial increased their target price on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Thursday. Finally, Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $60.75.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value 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. This trade represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 8.60% of the company's stock.

BlackLine Stock Performance

Shares of NASDAQ BL traded up $0.21 during mid-day trading on Friday, reaching $53.17. 761,967 shares of the company's stock were exchanged, compared to its average volume of 806,280. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 36.67, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a 52 week low of $40.82 and a 52 week high of $66.25. The firm has a 50-day moving average price of $47.40 and a two-hundred day moving average price of $55.18.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results 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%. Analysts predict that BlackLine, Inc. will post 0.9 EPS for the current year.

BlackLine 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.