Bessemer Group Inc. Boosts Stake in BlackLine (NASDAQ:BL)

Bessemer Group Inc. raised its holdings in BlackLine (NASDAQ:BL - Free Report) by 2,276.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,074 shares of the technology company's stock after buying an additional 10,608 shares during the quarter. Bessemer Group Inc.'s holdings in BlackLine were worth $536,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. raised its position 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 worth $103,000 after purchasing an additional 856 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in BlackLine by 1.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 35,491 shares of the technology company's stock worth $1,718,000 after buying an additional 603 shares during the last quarter. BDF Gestion acquired a new position in BlackLine during the first quarter worth $1,937,000. Stanley Laman Group Ltd. raised its holdings in BlackLine by 6.0% during the first quarter. Stanley Laman Group Ltd. now owns 98,879 shares of the technology company's stock worth $4,788,000 after buying an additional 5,566 shares during the last quarter. Finally, Wesbanco Bank Inc. acquired a new position in BlackLine during the first quarter worth $1,065,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were 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 directly owned 25,235 shares in the company, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their position. The sale 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 business's stock in a transaction 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 sale, the executive owned 61,390 shares of the company's stock, valued at approximately $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. 8.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on BL. Cantor Fitzgerald began coverage on shares of BlackLine in a research note on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price objective for the company. Piper Sandler raised 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. DA Davidson decreased their target price on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group reduced their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen lowered shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $60.54.

BlackLine Price Performance

BL traded up $0.82 during midday trading on Friday, hitting $57.78. The stock had a trading volume of 296,408 shares, compared to its average volume of 728,936. The company has a market cap of $3.60 billion, a P/E ratio of 41.87, a price-to-earnings-growth ratio of 9.57 and a beta of 0.93. The business has a fifty day moving average of $54.43 and a 200 day moving average of $53.79. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25.

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.