Comerica Bank Grows Position in BlackLine, Inc. (NASDAQ:BL)

Comerica Bank lifted its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 18.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 168,230 shares of the technology company's stock after buying an additional 26,792 shares during the period. Comerica Bank owned approximately 0.27% of BlackLine worth $10,222,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. SBI Securities Co. Ltd. bought a new position in BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC raised its stake in BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after buying an additional 449 shares during the period. Quadrant Capital Group LLC raised 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 purchasing an additional 414 shares during the period. GAMMA Investing LLC increased its position in shares of BlackLine by 41.2% in the fourth 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 last quarter. Finally, Headlands Technologies LLC bought a new stake in BlackLine during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction on Friday, February 21st. The stock was 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 directly owns 65,414 shares of the company's stock, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 8.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BL shares. Morgan Stanley decreased their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. BMO Capital Markets decreased their price target on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. Citigroup dropped their price target on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research note on Wednesday, February 12th. Truist Financial boosted their target price on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, The Goldman Sachs Group decreased their target price on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $60.75.

BlackLine Stock Up 4.3 %

BL stock traded up $2.18 during midday trading on Thursday, hitting $52.85. The stock had a trading volume of 496,976 shares, compared to its average volume of 805,131. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 36.44, a price-to-earnings-growth 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 company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The business has a 50-day moving average of $47.30 and a two-hundred day moving average of $55.21.

BlackLine (NASDAQ:BL - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, equities research analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

BlackLine Company 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.