Select Equity Group L.P. Invests $1.33 Million in BlackLine, Inc. (NASDAQ:BL)

Select Equity Group L.P. purchased a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,862 shares of the technology company's stock, valued at approximately $1,328,000.

Other large investors have also modified their holdings of the company. Topline Capital Management LLC acquired a new position in BlackLine in the 4th quarter worth approximately $60,572,000. American Century Companies Inc. raised its stake in shares of BlackLine by 12,538.0% during the 4th quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after buying an additional 889,570 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of BlackLine in the fourth quarter worth about $23,770,000. Conestoga Capital Advisors LLC grew its holdings in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after acquiring an additional 354,784 shares during the period. Finally, Shannon River Fund Management LLC purchased a new position in BlackLine during the fourth quarter valued at approximately $19,827,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

BL has been the topic of a number of analyst reports. Truist Financial raised their price objective on shares of BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. The Goldman Sachs Group cut their price objective on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, April 17th. Piper Sandler raised their target price on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Morgan Stanley reduced their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Bank of America raised BlackLine from an "underperform" rating to a "buy" rating and raised their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $60.75.

BlackLine Trading Down 1.3%

BlackLine stock traded down $0.68 during trading on Friday, reaching $53.78. 94,013 shares of the company were exchanged, compared to its average volume of 773,542. The stock's 50 day simple moving average is $48.65 and its two-hundred day simple moving average is $55.07. The company has a market capitalization of $3.35 billion, a P/E ratio of 37.07, a PEG 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.

Insider Transactions at BlackLine

In other news, 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 transaction of $101,430.40. Following the sale, the executive now owns 61,390 shares of the company's stock, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.60% of the company's stock.

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.