574,848 Shares in BlackLine, Inc. (NASDAQ:BL) Purchased by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 574,848 shares of the technology company's stock, valued at approximately $34,928,000. Westwood Holdings Group Inc. owned approximately 0.92% of BlackLine at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Tensile Capital Management LP increased 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 in the last quarter. Select Equity Group L.P. acquired a new stake in BlackLine in the 4th quarter valued at about $1,328,000. Royal Bank of Canada increased its position in BlackLine by 10.2% in the 4th quarter. Royal Bank of Canada now owns 269,594 shares of the technology company's stock valued at $16,381,000 after acquiring an additional 25,006 shares in the last quarter. ProShare Advisors LLC increased its position in BlackLine by 42.7% in the 4th quarter. ProShare Advisors LLC now owns 17,736 shares of the technology company's stock valued at $1,078,000 after acquiring an additional 5,309 shares in the last quarter. Finally, Man Group plc acquired a new stake in BlackLine in the 4th quarter valued at about $1,532,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup lowered their price target on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Morgan Stanley lowered their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Truist Financial lifted their price objective on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. DA Davidson lowered their price objective on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, The Goldman Sachs Group lowered their price objective on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, BlackLine presently has an average rating of "Hold" and a consensus price target of $60.75.

BlackLine Stock Down 1.2%

Shares of NASDAQ BL opened at $54.87 on Tuesday. The stock has a market cap of $3.42 billion, a P/E ratio of 37.84, a P/E/G ratio of 10.80 and a beta of 0.94. The firm has a 50 day moving average price of $48.30 and a 200 day moving average price of $55.08. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were 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 owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.60% of the stock is owned by company insiders.

BlackLine 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.

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