New York State Common Retirement Fund Acquires 11,549 Shares of BlackLine (NASDAQ:BL)

New York State Common Retirement Fund increased its stake in shares of BlackLine (NASDAQ:BL - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 159,076 shares of the technology company's stock after purchasing an additional 11,549 shares during the period. New York State Common Retirement Fund owned 0.25% of BlackLine worth $7,702,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of BL. Topline Capital Management LLC acquired a new stake in shares of BlackLine during the 4th quarter worth approximately $60,572,000. American Century Companies Inc. lifted its position in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock worth $54,481,000 after purchasing an additional 889,570 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of BlackLine by 38.8% during the 4th quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company's stock worth $47,602,000 after purchasing an additional 218,976 shares during the last quarter. Northern Trust Corp lifted its position in shares of BlackLine by 14.9% during the 4th quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock worth $45,290,000 after purchasing an additional 96,523 shares during the last quarter. Finally, Tensile Capital Management LP lifted its position in shares of BlackLine by 16.5% during the 4th quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock worth $45,023,000 after purchasing an additional 105,000 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Ratings Changes

BL has been the subject of a number of research reports. DA Davidson reduced their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen cut shares of BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. 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 report on Wednesday, May 7th. Morgan Stanley cut their price target 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. Finally, Citigroup reaffirmed a "buy" rating and issued a $67.00 target price (up from $58.00) on shares of BlackLine in a report on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $60.31.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 1,856 shares of the company'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 completion of the sale, the executive directly owned 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the chief accounting officer directly owned 25,235 shares of the company's stock, valued at approximately $1,391,457.90. This represents 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 currently owned by corporate insiders.

BlackLine Price Performance

Shares of NASDAQ:BL traded up $0.63 during trading on Friday, reaching $56.56. The company had a trading volume of 525,187 shares, compared to its average volume of 716,982. The firm's fifty day moving average is $55.83 and its 200 day moving average is $53.37. The firm has a market capitalization of $3.52 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 9.34 and a beta of 0.93. BlackLine has a twelve month low of $40.82 and a twelve 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.

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.