BlackLine (NASDAQ:BL) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in shares of BlackLine (NASDAQ:BL - Free Report) by 2.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 313,527 shares of the technology company's stock after purchasing an additional 8,496 shares during the period. Principal Financial Group Inc. owned 0.50% of BlackLine worth $15,181,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its position in shares of BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after buying an additional 414 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of BlackLine in the 4th quarter worth approximately $50,000. Huntington National Bank grew its position in shares of BlackLine by 596.4% in the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after buying an additional 829 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in shares of BlackLine in the 4th quarter worth approximately $73,000. Finally, Covestor Ltd grew its position in shares of BlackLine by 20.1% in the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock worth $102,000 after buying an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 1,856 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Michelle D. Stalick sold 795 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,391,457.90. This represents a 3.05% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is owned by corporate insiders.

BlackLine Price Performance

NASDAQ:BL traded down $2.36 during trading hours on Friday, reaching $53.65. 574,777 shares of the company were exchanged, compared to its average volume of 724,959. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25. The firm has a market cap of $3.34 billion, a PE ratio of 38.88, a price-to-earnings-growth ratio of 9.25 and a beta of 0.93. The stock's 50-day moving average is $55.32 and its 200-day moving average is $53.63. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.59.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BL shares. Cantor Fitzgerald started coverage on shares of BlackLine in a research report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 target price on the stock. DA Davidson dropped their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Piper Sandler boosted their target price on shares of BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Wall Street Zen downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group decreased 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $60.54.

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.