Wesbanco Bank Inc. Purchases Shares of 22,000 BlackLine, Inc. (NASDAQ:BL)

Wesbanco Bank Inc. purchased a new position in BlackLine, Inc. (NASDAQ:BL - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 22,000 shares of the technology company's stock, valued at approximately $1,065,000.

A number of other hedge funds have also recently added to or reduced their stakes in BL. SBI Securities Co. Ltd. purchased a new position in shares of BlackLine in the 4th quarter worth $31,000. Global Retirement Partners LLC raised its holdings in shares of BlackLine by 568.4% in the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC raised its holdings 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 purchasing an additional 414 shares during the period. Headlands Technologies LLC acquired a new position in shares of BlackLine in the 4th quarter valued at about $50,000. Finally, Huntington National Bank grew its holdings in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after purchasing an additional 829 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BL shares. Cantor Fitzgerald initiated coverage on shares of BlackLine in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price objective for the company. Morgan Stanley cut their price objective on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler upped their target price on 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 BlackLine from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, DA Davidson reduced their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $60.54.

Insider Buying and Selling

In related news, CAO Michelle D. Stalick sold 795 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was 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 owns 25,235 shares of the company's stock, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Mark Woodhams sold 1,856 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the transaction, the executive now directly owns 61,390 shares in the company, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 8.60% of the company's stock.

BlackLine Trading Down 1.8%

NASDAQ BL traded down $1.02 on Thursday, hitting $55.61. 263,520 shares of the company were exchanged, compared to its average volume of 755,078. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The firm has a market capitalization of $3.47 billion, a P/E ratio of 38.35, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $66.25. The company's 50 day moving average price is $50.62 and its 200-day moving average price is $54.70.

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.