Wells Fargo & Company MN Buys 37,285 Shares of BlackLine, Inc. (NASDAQ:BL)

Wells Fargo & Company MN grew its holdings in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 62.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,597 shares of the technology company's stock after acquiring an additional 37,285 shares during the quarter. Wells Fargo & Company MN owned 0.15% of BlackLine worth $5,869,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. American Century Companies Inc. increased its position in 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 in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock valued at $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of BlackLine in the 4th quarter worth about $23,770,000. Conestoga Capital Advisors LLC boosted its stake in BlackLine by 20.2% in the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in BlackLine during the 4th quarter valued at about $19,392,000. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Performance

BL traded up $0.99 during trading on Thursday, hitting $46.55. The company's stock had a trading volume of 64,017 shares, compared to its average volume of 802,895. The business's 50 day simple moving average is $47.70 and its 200-day simple moving average is $55.84. The firm has a market cap of $2.94 billion, a PE ratio of 32.13, a P/E/G ratio of 10.80 and a beta of 0.97. BlackLine, Inc. has a one year low of $40.82 and a one year high of $66.25. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share 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%. As a group, sell-side analysts predict that BlackLine, Inc. will post 0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 8.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BL. Truist Financial decreased their target price on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a report on Monday, April 7th. Morgan Stanley decreased their price objective on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Piper Sandler upgraded BlackLine from an "underweight" rating to a "neutral" rating and cut their target price for the company from $58.00 to $46.00 in a research note on Wednesday. DA Davidson decreased their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, April 14th. 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 report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $60.00.

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.