Bank of New York Mellon Corp Increases Stock Position in BlackLine (NASDAQ:BL)

Bank of New York Mellon Corp grew its position in BlackLine (NASDAQ:BL - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 571,054 shares of the technology company's stock after buying an additional 12,057 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of BlackLine worth $27,650,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BL. HighTower Advisors LLC grew its holdings in shares of BlackLine by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock valued at $393,000 after purchasing an additional 161 shares during the last quarter. Covestor Ltd grew its holdings in shares of BlackLine by 20.1% during the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock valued at $102,000 after purchasing an additional 280 shares during the last quarter. Xponance Inc. grew its holdings in shares of BlackLine by 9.2% during the 4th quarter. Xponance Inc. now owns 4,142 shares of the technology company's stock valued at $252,000 after purchasing an additional 350 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of BlackLine by 6.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,038 shares of the technology company's stock valued at $367,000 after purchasing an additional 355 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of BlackLine by 0.9% during the 4th quarter. Hillsdale Investment Management Inc. now owns 46,600 shares of the technology company's stock valued at $2,831,000 after purchasing an additional 400 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price target on the stock. Piper Sandler lifted 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. Truist Financial lifted their price target on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Wall Street Zen lowered shares of BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, DA Davidson reduced their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $60.31.

BlackLine Trading Up 1.1%

Shares of NASDAQ:BL traded up $0.63 during midday trading on Friday, reaching $56.56. The company's stock had a trading volume of 524,945 shares, compared to its average volume of 720,012. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 40.99, a PEG ratio of 9.08 and a beta of 0.93. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a 50 day moving average price of $55.76 and a two-hundred day moving average price of $53.45. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction dated 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 directly owned 61,390 shares of the company's stock, valued at $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 directly owned 25,235 shares of the company's stock, valued at approximately $1,391,457.90. The trade was a 3.05% 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.

About BlackLine

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.