Goodman Advisory Group LLC Makes New Investment in BlackLine (NASDAQ:BL)

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

A number of other hedge funds have also recently modified their holdings of the company. Schwartz Investment Counsel Inc. increased its holdings in BlackLine by 22.9% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 590,000 shares of the technology company's stock valued at $28,568,000 after purchasing an additional 110,000 shares during the period. Bessemer Group Inc. grew its position in shares of BlackLine by 2,276.4% in the 1st quarter. Bessemer Group Inc. now owns 11,074 shares of the technology company's stock worth $536,000 after buying an additional 10,608 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of BlackLine by 67.6% during the first quarter. Asset Management One Co. Ltd. now owns 2,122 shares of the technology company's stock valued at $103,000 after buying an additional 856 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of BlackLine by 1.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 35,491 shares of the technology company's stock valued at $1,718,000 after acquiring an additional 603 shares in the last quarter. Finally, BDF Gestion bought a new position in shares of BlackLine during the first quarter valued at approximately $1,937,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

BlackLine Stock Down 0.9%

BlackLine stock traded down $0.49 during mid-day trading on Wednesday, reaching $56.96. The stock had a trading volume of 673,150 shares, compared to its average volume of 732,616. BlackLine has a one year low of $40.82 and a one year high of $66.25. The company has a 50-day moving average price of $53.77 and a two-hundred day moving average price of $53.93. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 41.28, a PEG ratio of 9.37 and a beta of 0.93. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66.

Analysts Set New Price Targets

A number of brokerages have issued reports on BL. DA Davidson reduced their price objective on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group reduced their price target on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research report on Thursday, April 17th. Piper Sandler increased their price target on shares of BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Cantor Fitzgerald assumed coverage on BlackLine in a research report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price objective on the stock. Finally, Wall Street Zen lowered BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, BlackLine currently has an average rating of "Hold" and a consensus target price of $60.54.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the transaction, the chief accounting officer owned 25,235 shares of the company's stock, valued at $1,391,457.90. This represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.60% of the company's stock.

BlackLine Company 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.