520,317 Shares in BlackLine $BL Bought by Nuveen LLC

Nuveen LLC purchased a new position in shares of BlackLine (NASDAQ:BL - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 520,317 shares of the technology company's stock, valued at approximately $25,194,000. Nuveen LLC owned 0.82% of BlackLine at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Westwood Holdings Group Inc. raised its stake in shares of BlackLine by 106.4% in the first quarter. Westwood Holdings Group Inc. now owns 1,186,347 shares of the technology company's stock valued at $57,443,000 after buying an additional 611,499 shares during the period. Topline Capital Management LLC bought a new stake in shares of BlackLine in the fourth quarter valued at $60,572,000. Brown Advisory Inc. raised its stake in shares of BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company's stock valued at $47,602,000 after buying an additional 218,976 shares during the period. Northern Trust Corp raised its stake in shares of BlackLine by 14.9% in the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock valued at $45,290,000 after buying an additional 96,523 shares during the period. Finally, Tensile Capital Management LP raised its stake in shares of BlackLine by 16.5% in the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock valued at $45,023,000 after buying an additional 105,000 shares during the period. 95.13% of the stock is currently owned by institutional investors.

BlackLine Price Performance

Shares of NASDAQ BL opened at $50.83 on Monday. The stock has a market cap of $3.15 billion, a PE ratio of 39.40, a price-to-earnings-growth ratio of 8.34 and a beta of 0.91. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a fifty day moving average of $54.92 and a 200-day moving average of $52.40.

BlackLine (NASDAQ:BL - Get Free Report) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. BlackLine had a return on equity of 15.95% and a net margin of 13.05%. The business had revenue of $172.03 million during the quarter, compared to analysts' expectations of $170.87 million. During the same period in the previous year, the business earned $0.58 earnings per share. The firm's revenue was up 7.2% on a year-over-year basis. Equities research analysts anticipate that BlackLine will post 0.9 earnings per share for the current year.

Insider Activity

In related news, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total transaction of $43,836.30. Following the completion of the transaction, the chief accounting officer directly owned 25,235 shares in the company, valued at $1,391,457.90. The trade was a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the transaction, the executive owned 61,390 shares of the company's stock, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on BL. Raymond James Financial upgraded BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 target price on the stock in a research note on Tuesday, July 29th. Piper Sandler boosted their target price on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Citigroup restated a "buy" rating and issued a $67.00 target price (up from $58.00) on shares of BlackLine in a research note on Wednesday, July 16th. Zacks Research upgraded BlackLine to a "strong sell" rating in a research note on Friday, August 8th. Finally, Wall Street Zen lowered BlackLine from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, BlackLine currently has an average rating of "Hold" and an average target price of $61.08.

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.

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