Goodman Advisory Group LLC Makes New $290,000 Investment in BlackLine (NASDAQ:BL)

Goodman Advisory Group LLC acquired a new stake in BlackLine (NASDAQ:BL - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,993 shares of the technology company's stock, valued at approximately $290,000.

Several other hedge funds also recently added to or reduced their stakes in BL. Sei Investments Co. raised its holdings in BlackLine by 6.2% during the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock worth $8,955,000 after purchasing an additional 8,558 shares in the last quarter. Bridgewater Associates LP acquired a new stake in shares of BlackLine during the 4th quarter worth about $244,000. Deutsche Bank AG grew its stake in BlackLine by 59.2% in the 4th quarter. Deutsche Bank AG now owns 53,811 shares of the technology company's stock worth $3,270,000 after acquiring an additional 20,008 shares during the period. Wells Fargo & Company MN lifted its position in BlackLine by 62.9% during the fourth quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company's stock worth $5,869,000 after buying an additional 37,285 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in BlackLine during the fourth quarter worth approximately $31,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other BlackLine 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 sale, the chief accounting officer now owns 25,235 shares in the company, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the sale, the executive now owns 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

BlackLine Price Performance

Shares of BL stock traded up $0.09 during midday trading on Monday, reaching $56.73. 81,637 shares of the company were exchanged, compared to its average volume of 731,557. The company's 50 day moving average price is $53.26 and its two-hundred day moving average price is $53.95. The company has a market cap of $3.54 billion, a P/E ratio of 41.10, a PEG ratio of 9.38 and a beta of 0.94. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66.

Analyst Ratings Changes

A number of research firms have recently commented on BL. Wall Street Zen cut shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Cantor Fitzgerald started coverage on BlackLine in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 target price on the stock. DA Davidson dropped their price target on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Piper Sandler upped their price target on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, 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 report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, BlackLine currently has an average rating of "Hold" and a consensus target price of $60.54.

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.