Royal Bank of Canada Grows Stock Position in BlackLine, Inc. (NASDAQ:BL)

Royal Bank of Canada raised its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 10.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 269,594 shares of the technology company's stock after buying an additional 25,006 shares during the quarter. Royal Bank of Canada owned about 0.43% of BlackLine worth $16,381,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in BL. Dakota Wealth Management purchased a new stake in BlackLine in the 4th quarter valued at approximately $244,000. KBC Group NV boosted its stake in shares of BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company's stock valued at $132,000 after buying an additional 666 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in BlackLine by 154.1% in the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock valued at $253,000 after acquiring an additional 2,522 shares during the period. Gagnon Securities LLC lifted its holdings in BlackLine by 6.6% in the fourth quarter. Gagnon Securities LLC now owns 197,278 shares of the technology company's stock valued at $11,987,000 after acquiring an additional 12,292 shares during the period. Finally, Rheos Capital Works Inc. purchased a new stake in shares of BlackLine during the 4th quarter worth $6,076,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

BlackLine Trading Down 0.3%

NASDAQ BL traded down $0.14 during mid-day trading on Wednesday, hitting $55.05. The company's stock had a trading volume of 541,983 shares, compared to its average volume of 768,391. The firm has a market capitalization of $3.43 billion, a P/E ratio of 37.97, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. 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 52-week low of $40.82 and a 52-week high of $66.25. The stock's fifty day simple moving average is $48.93 and its two-hundred day simple moving average is $54.96.

Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 8.60% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Morgan Stanley reduced their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group reduced their price target on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research report on Thursday, April 17th. BMO Capital Markets decreased their price target on BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. DA Davidson dropped their price objective on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Citigroup reduced their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, BlackLine has an average rating of "Hold" and an average target price of $60.75.

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.