Castleark Management LLC Takes Position in BlackLine, Inc. (NASDAQ:BL)

Castleark Management LLC bought a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 24,850 shares of the technology company's stock, valued at approximately $1,510,000.

Other institutional investors have also recently bought and sold shares of the company. Topline Capital Management LLC acquired a new stake in shares of BlackLine during the 4th quarter valued at about $60,572,000. American Century Companies Inc. lifted its holdings in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after buying an additional 889,570 shares during the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of BlackLine during the 4th quarter valued at about $34,928,000. Raymond James Financial Inc. acquired a new stake in shares of BlackLine during the 4th quarter valued at about $23,770,000. Finally, Conestoga Capital Advisors LLC lifted its holdings in shares of BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock valued at $128,439,000 after buying an additional 354,784 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

BlackLine Stock Performance

NASDAQ BL traded down $0.30 during trading on Friday, hitting $54.16. The company's stock had a trading volume of 500,384 shares, compared to its average volume of 770,275. 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 firm has a 50 day moving average price of $48.74 and a 200 day moving average price of $55.03. The firm has a market cap of $3.38 billion, a P/E ratio of 37.35, 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BL shares. Citigroup reduced their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Wall Street Zen lowered BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Piper Sandler boosted their target price on BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley reduced their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group reduced their target price on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $60.75.

Insider Activity

In other news, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the sale, the executive now directly owns 61,390 shares in the company, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.60% of the stock is currently owned by company insiders.

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.