LPL Financial LLC Grows Stock Position in BlackLine, Inc. (NASDAQ:BL)

LPL Financial LLC raised its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 88.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,248 shares of the technology company's stock after purchasing an additional 8,100 shares during the period. LPL Financial LLC's holdings in BlackLine were worth $1,048,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in shares of BlackLine in the fourth quarter valued at about $31,000. Global Retirement Partners LLC grew its stake 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 acquiring an additional 449 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock valued at $39,000 after acquiring an additional 185 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in shares of BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after acquiring an additional 209 shares in the last quarter. Finally, KBC Group NV grew 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 acquiring an additional 666 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the company's stock in a transaction 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 sale, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.60% of the stock is currently owned by company insiders.

BlackLine Trading Up 2.2 %

BL stock traded up $0.98 during midday trading on Thursday, hitting $46.54. The stock had a trading volume of 64,017 shares, compared to its average volume of 802,895. The firm has a market cap of $2.94 billion, a P/E ratio of 32.13, a price-to-earnings-growth ratio of 10.80 and a beta of 0.97. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. BlackLine, Inc. has a 1-year low of $40.82 and a 1-year high of $66.25. The business has a fifty day moving average price of $47.70 and a two-hundred day moving average price of $55.84.

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

Analyst Ratings Changes

BL has been the subject of several recent analyst reports. 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 research report on Thursday, April 17th. Truist Financial lowered their price objective on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a research report on Monday, April 7th. BMO Capital Markets cut their target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. Citigroup decreased their target price 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. Finally, Piper Sandler raised shares of BlackLine from an "underweight" rating to a "neutral" rating and decreased their target price for the stock from $58.00 to $46.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, BlackLine presently has an average rating of "Hold" and an average target price of $60.00.

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.