Castleark Management LLC bought a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 24,850 shares of the technology company's stock, valued at approximately $1,510,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in BlackLine by 32.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,535 shares of the technology company's stock valued at $9,572,000 after acquiring an additional 38,463 shares in the last quarter. Woodline Partners LP bought a new stake in BlackLine during the fourth quarter worth about $365,000. Sone Capital Management LLC bought a new stake in shares of BlackLine during the 4th quarter worth approximately $4,934,000. Westwood Holdings Group Inc. acquired a new stake in shares of BlackLine in the 4th quarter valued at $34,928,000. Finally, Tensile Capital Management LP increased its position in BlackLine by 16.5% during the 4th quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock worth $45,023,000 after purchasing an additional 105,000 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Bank of America upgraded BlackLine from an "underperform" rating to a "buy" rating and lifted their target price for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. The Goldman Sachs Group dropped their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a report on Thursday, April 17th. Citigroup reduced their price objective on shares of 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 raised their price target on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. Finally, Piper Sandler increased their price objective on BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and an average price target of $60.75.
Read Our Latest Stock Analysis on BlackLine
BlackLine Price Performance
NASDAQ:BL traded up $0.98 during mid-day trading on Tuesday, reaching $55.14. The stock had a trading volume of 123,577 shares, compared to its average volume of 767,747. The firm has a 50 day moving average price of $48.82 and a two-hundred day moving average price of $54.95. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. The stock has a market capitalization of $3.44 billion, a P/E ratio of 37.95, a P/E/G ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.
Insider Transactions at BlackLine
In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 8.60% of the stock is currently owned by company insiders.
BlackLine Company Profile
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Free Report)
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.
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