First Trust Advisors LP Has $27.71 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

First Trust Advisors LP raised its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 456,038 shares of the technology company's stock after acquiring an additional 28,310 shares during the quarter. First Trust Advisors LP owned approximately 0.73% of BlackLine worth $27,709,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BL. SBI Securities Co. Ltd. bought a new stake in BlackLine in the 4th quarter valued at $31,000. Global Retirement Partners LLC raised its position in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC raised its position in shares of BlackLine by 243.5% in the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after purchasing an additional 414 shares during the period. GAMMA Investing LLC lifted its stake in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after buying an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of BlackLine during the 4th quarter worth about $50,000. Institutional investors own 95.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. 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. Truist Financial lowered their target price on BlackLine from $55.00 to $40.00 and set a "hold" rating on the stock in a research note on Monday, April 7th. StockNews.com downgraded BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. DA Davidson reduced their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley lowered their price target on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $60.00.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.60% of the company's stock.

BlackLine Price Performance

NASDAQ:BL traded up $0.37 during mid-day trading on Thursday, reaching $47.60. The stock had a trading volume of 64,092 shares, compared to its average volume of 800,676. The stock has a 50-day simple moving average of $47.39 and a two-hundred day simple moving average of $55.57. 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 12 month low of $40.82 and a 12 month high of $66.25. The stock has a market capitalization of $3.00 billion, a PE ratio of 32.85, a P/E/G ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. On average, equities analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

About BlackLine

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.