Balyasny Asset Management L.P. Increases Position in BlackLine, Inc. (NASDAQ:BL)

Balyasny Asset Management L.P. grew its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 365.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 405,801 shares of the technology company's stock after acquiring an additional 318,647 shares during the period. Balyasny Asset Management L.P. owned 0.65% of BlackLine worth $24,656,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BL. HighTower Advisors LLC boosted its position in BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock worth $393,000 after purchasing an additional 161 shares during the last quarter. GAMMA Investing LLC boosted its position in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after purchasing an additional 185 shares during the last quarter. Arizona State Retirement System boosted its position in BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock worth $931,000 after purchasing an additional 192 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after purchasing an additional 200 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of BlackLine by 19.8% during the 4th 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 during the period. Hedge funds and other institutional investors own 95.13% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BL shares. Piper Sandler boosted their price objective on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. BMO Capital Markets cut their price objective on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. JMP Securities reissued a "market outperform" rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Citigroup cut their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Finally, Truist Financial lifted their target price on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, BlackLine currently has a consensus rating of "Hold" and an average price target of $60.75.

Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.60% of the company's stock.

BlackLine Trading Up 2.7%

BlackLine stock traded up $1.45 during midday trading on Monday, reaching $54.68. The stock had a trading volume of 208,349 shares, compared to its average volume of 804,171. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 37.67, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The company has a fifty day moving average of $47.50 and a 200 day moving average of $55.13.

BlackLine (NASDAQ:BL - Get Free Report) last issued its earnings results on Tuesday, February 11th. The technology company reported $0.21 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 anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal 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.