BlackLine (NASDAQ:BL) Holdings Lifted by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in shares of BlackLine (NASDAQ:BL - Free Report) by 3,665.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,871 shares of the technology company's stock after purchasing an additional 23,237 shares during the quarter. GAMMA Investing LLC's holdings in BlackLine were worth $1,156,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Topline Capital Management LLC bought a new position in shares of BlackLine during the 4th quarter valued at $60,572,000. American Century Companies Inc. raised its stake in shares of BlackLine by 12,538.0% during the fourth 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 in the last quarter. Brown Advisory Inc. grew its stake in BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company's stock valued at $47,602,000 after purchasing an additional 218,976 shares during the last quarter. Northern Trust Corp grew its holdings in shares of BlackLine by 14.9% during the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company's stock valued at $45,290,000 after buying an additional 96,523 shares during the last quarter. Finally, Tensile Capital Management LP boosted its stake in shares of BlackLine by 16.5% in the fourth quarter. Tensile Capital Management LP now owns 740,997 shares of the technology company's stock worth $45,023,000 after buying an additional 105,000 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Price Performance

Shares of BlackLine stock traded down $0.35 during trading on Tuesday, reaching $54.98. 579,093 shares of the stock traded hands, compared to its average volume of 754,450. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 51.71, a P/E/G ratio of 9.16 and a beta of 0.94. BlackLine has a 52-week low of $40.82 and a 52-week high of $66.25. The business has a fifty day simple moving average of $51.38 and a two-hundred day simple moving average of $54.44. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66.

Insider Activity at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of the firm's stock in a transaction that occurred 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 sale, the chief accounting officer now owns 25,235 shares of the company's stock, valued at approximately $1,391,457.90. This trade represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction that occurred 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 transaction, the executive now owns 61,390 shares in the company, valued at $3,354,963.50. The trade was a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BL shares. Cantor Fitzgerald initiated coverage on BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price target for the company. DA Davidson cut their price target 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. Truist Financial boosted their price target on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Piper Sandler upped their price objective on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. 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 analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, BlackLine presently has a consensus rating of "Hold" and an average target price of $60.54.

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.