Comerica Bank Has $10.22 Million Stake in BlackLine, Inc. (NASDAQ:BL)

Comerica Bank lifted its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 18.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 168,230 shares of the technology company's stock after acquiring an additional 26,792 shares during the quarter. Comerica Bank owned 0.27% of BlackLine worth $10,222,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BL. Northern Trust Corp increased its holdings in shares of BlackLine by 14.9% in the 4th quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock worth $45,290,000 after acquiring an additional 96,523 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of BlackLine in the 4th quarter worth approximately $280,000. Johnson Financial Group Inc. acquired a new stake in shares of BlackLine during the 4th quarter valued at $73,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of BlackLine during the fourth quarter valued at $6,337,000. Finally, Topline Capital Management LLC purchased a new position in shares of BlackLine in the fourth quarter worth approximately $60,572,000. 95.13% of the stock is currently owned by institutional investors.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction dated Friday, February 21st. The stock was 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 owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on BL. StockNews.com lowered shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Truist Financial lowered their price target on BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a report on Monday, April 7th. BMO Capital Markets lowered their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. DA Davidson cut their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $60.00.

BlackLine Price Performance

BL stock traded down $0.12 during midday trading on Monday, reaching $47.15. 892,551 shares of the company's stock traded hands, compared to its average volume of 802,063. The company has a 50-day simple moving average of $47.32 and a two-hundred day simple moving average of $55.39. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 1-year low of $40.82 and a 1-year high of $66.25.

BlackLine (NASDAQ:BL - Get Free Report) last announced its quarterly earnings data 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 year.

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.