Bank of America Corp DE Reduces Stock Position in BlackLine, Inc. (NASDAQ:BL)

Bank of America Corp DE lowered its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 2.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 806,657 shares of the technology company's stock after selling 17,768 shares during the quarter. Bank of America Corp DE owned about 1.29% of BlackLine worth $49,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after acquiring an additional 34,919 shares in the last quarter. Dakota Wealth Management purchased a new position in BlackLine in the 4th quarter worth approximately $244,000. KBC Group NV raised its holdings in BlackLine by 44.0% in the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company's stock worth $132,000 after acquiring an additional 666 shares during the last quarter. Pacer Advisors Inc. raised its holdings in BlackLine by 154.1% in the 4th quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock worth $253,000 after acquiring an additional 2,522 shares during the last quarter. Finally, Gagnon Securities LLC raised its holdings in BlackLine by 6.6% in the 4th quarter. Gagnon Securities LLC now owns 197,278 shares of the technology company's stock worth $11,987,000 after acquiring an additional 12,292 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related 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 completion of the transaction, the executive now directly owns 65,414 shares of the company's stock, valued at approximately $3,249,113.38. This trade represents a 12.20% decrease in their ownership of the stock. The transaction 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 Price Performance

Shares of BL stock traded up $0.50 on Friday, hitting $55.54. 348,662 shares of the stock traded hands, compared to its average volume of 809,075. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 38.30, a PEG ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 52 week low of $40.82 and a 52 week high of $66.25. The firm has a 50 day simple moving average of $48.17 and a two-hundred day simple moving average of $55.08. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69.

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.