Royal Bank of Canada Has $16.38 Million Position in BlackLine, Inc. (NASDAQ:BL)

Royal Bank of Canada increased its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 269,594 shares of the technology company's stock after purchasing an additional 25,006 shares during the quarter. Royal Bank of Canada owned approximately 0.43% of BlackLine worth $16,381,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in shares of BlackLine in the fourth quarter valued at about $31,000. Global Retirement Partners LLC grew its holdings in BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after buying an additional 449 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in BlackLine by 243.5% in the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after buying an additional 414 shares during the last quarter. Headlands Technologies LLC bought a new position in BlackLine in the 4th quarter worth approximately $50,000. Finally, Huntington National Bank increased its position in 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 period. Institutional investors own 95.13% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BL shares. Citigroup lowered their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and raised their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Wall Street Zen downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. BMO Capital Markets cut their price objective on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Finally, Truist Financial increased their target price on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $60.75.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the transaction, the executive now owns 61,390 shares of the company's stock, valued at approximately $3,354,963.50. The trade was 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 firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the sale, the chief accounting officer now directly owns 25,235 shares in the company, valued at $1,391,457.90. This trade 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 insiders.

BlackLine Price Performance

Shares of NASDAQ:BL traded down $0.18 during midday trading on Friday, reaching $55.14. The company's stock had a trading volume of 141,751 shares, compared to its average volume of 758,926. The business's fifty day simple moving average is $49.12 and its 200-day simple moving average is $54.91. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a fifty-two week low of $40.82 and a fifty-two week high of $66.25. The company has a market capitalization of $3.44 billion, a P/E ratio of 38.13, a P/E/G ratio of 10.80 and a beta of 0.94.

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.