NBC Securities Inc. Grows Stock Position in BlackLine, Inc. (NASDAQ:BL)

NBC Securities Inc. boosted its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 100,075.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,014 shares of the technology company's stock after acquiring an additional 8,006 shares during the quarter. NBC Securities Inc.'s holdings in BlackLine were worth $388,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in BlackLine by 4.9% in the 4th quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company's stock worth $18,534,000 after purchasing an additional 14,256 shares during the period. Sei Investments Co. grew its stake in shares of BlackLine by 6.2% during the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock valued at $8,955,000 after buying an additional 8,558 shares during the last quarter. Bridgewater Associates LP purchased a new stake in shares of BlackLine in the fourth quarter worth approximately $244,000. Deutsche Bank AG raised its holdings in shares of BlackLine by 59.2% in the fourth quarter. Deutsche Bank AG now owns 53,811 shares of the technology company's stock worth $3,270,000 after buying an additional 20,008 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of BlackLine by 62.9% during the 4th quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company's stock worth $5,869,000 after acquiring an additional 37,285 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Down 2.3%

Shares of NASDAQ BL traded down $1.30 during midday trading on Tuesday, reaching $56.00. 513,874 shares of the company's stock traded hands, compared to its average volume of 756,059. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 38.62, a P/E/G ratio of 10.80 and a beta of 0.94. The stock's 50 day simple moving average is $50.37 and its 200-day simple moving average is $54.69. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BL shares. Truist Financial upped their price objective on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. BMO Capital Markets lowered their target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, February 12th. 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. Wall Street Zen lowered shares of BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Citigroup lowered their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $60.54.

Insider Buying and Selling at BlackLine

In related news, CAO Michelle D. Stalick sold 795 shares of the company'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 transaction, the chief accounting officer now directly owns 25,235 shares of the company's stock, valued at $1,391,457.90. This represents a 3.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 1,856 shares of the firm's 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 completion of the sale, the executive now directly owns 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 disclosure for this sale can be found here. 8.60% of the stock is owned by insiders.

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.