Northern Trust Corp Raises Position in BlackLine, Inc. (NASDAQ:BL)

Northern Trust Corp lifted its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 14.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 745,397 shares of the technology company's stock after buying an additional 96,523 shares during the quarter. Northern Trust Corp owned about 1.19% of BlackLine worth $45,290,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new position in BlackLine in the fourth quarter valued at about $31,000. Global Retirement Partners LLC grew its holdings in shares of BlackLine by 568.4% during the fourth 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 last quarter. Quadrant Capital Group LLC grew its holdings in shares of BlackLine by 243.5% during the fourth 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 last quarter. GAMMA Investing LLC grew its holdings in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of BlackLine in the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The stock was 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 of the company's stock, valued at $3,249,113.38. The trade was a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.60% of the stock is owned by company insiders.

BlackLine Stock Down 0.1%

NASDAQ:BL traded down $0.06 during trading hours on Wednesday, reaching $55.10. 177,518 shares of the company traded hands, compared to its average volume of 768,180. The business's 50-day moving average price is $47.64 and its two-hundred day moving average price is $55.12. The stock has a market capitalization of $3.43 billion, a P/E ratio of 38.00, a P/E/G ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 1 year low of $40.82 and a 1 year high of $66.25. 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 (NASDAQ:BL - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Analysts predict that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on BL. Morgan Stanley cut their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Piper Sandler upped their price target on BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Truist Financial upped their price objective on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. JMP Securities restated a "market outperform" rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Finally, The Goldman Sachs Group reduced their price objective on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, BlackLine has an average rating of "Hold" and a consensus price target of $60.75.

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.