Woodline Partners LP Takes Position in BlackLine, Inc. (NASDAQ:BL)

Woodline Partners LP purchased a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 6,002 shares of the technology company's stock, valued at approximately $365,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Topline Capital Management LLC acquired a new stake in BlackLine in the fourth quarter worth about $60,572,000. American Century Companies Inc. lifted its holdings in BlackLine by 12,538.0% in the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after acquiring an additional 889,570 shares during the last quarter. Westwood Holdings Group Inc. acquired a new stake in BlackLine during the 4th quarter worth about $34,928,000. Raymond James Financial Inc. acquired a new stake in BlackLine during the 4th quarter worth about $23,770,000. Finally, Conestoga Capital Advisors LLC raised its holdings in BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after buying an additional 354,784 shares during the period. Institutional investors own 95.13% of the company's stock.

BlackLine Price Performance

NASDAQ:BL remained flat at $55.32 during mid-day trading on Friday. The company had a trading volume of 964,585 shares, compared to its average volume of 760,545. BlackLine, Inc. has a 52 week low of $40.82 and a 52 week high of $66.25. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 38.15, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The firm's 50-day moving average is $49.22 and its 200 day moving average is $54.77.

Analysts Set New Price Targets

Several equities research analysts recently commented on BL shares. Piper Sandler boosted their price target on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Morgan Stanley reduced their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial raised their target price on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Citigroup reduced their target price on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Finally, BMO Capital Markets reduced their target price on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $60.75.

Insider Activity

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of the company's stock in a transaction on 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 sale, the chief accounting officer now owns 25,235 shares in the company, valued at $1,391,457.90. This represents 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 at the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of the 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 sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.