Stanley Laman Group Ltd. Purchases 5,566 Shares of BlackLine, Inc. (NASDAQ:BL)

Stanley Laman Group Ltd. grew its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 6.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 98,879 shares of the technology company’s stock after purchasing an additional 5,566 shares during the quarter. Stanley Laman Group Ltd.’s holdings in BlackLine were worth $4,788,000 at the end of the most recent reporting period.

A number of other institutional investors and 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 fourth quarter valued at $31,000. Global Retirement Partners LLC increased its position 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 valued at $32,000 after buying an additional 449 shares during the period. Quadrant Capital Group LLC lifted its holdings 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 worth $35,000 after buying an additional 414 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of BlackLine in the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank grew its stake in BlackLine by 596.4% during the fourth quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after acquiring an additional 829 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Michelle D. Stalick sold 795 shares of the company’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total transaction of $43,836.30. Following the completion of the sale, the chief accounting officer now directly owns 25,235 shares in the company, valued at $1,391,457.90. This represents a 3.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO Mark Woodhams sold 1,856 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the sale, the executive now directly owns 61,390 shares in the company, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on BL shares. DA Davidson lowered their target price on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald began coverage on BlackLine in a research note on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 price objective for the company. The Goldman Sachs Group decreased their target price on BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, April 17th. Wall Street Zen cut BlackLine from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. Finally, Truist Financial boosted their price objective on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. Two investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $60.54.

BlackLine Stock Performance

NASDAQ:BL opened at $55.77 on Friday. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 38.46, a PEG ratio of 10.80 and a beta of 0.94. The business has a 50 day moving average of $50.88 and a 200 day moving average of $54.65. 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 1-year low of $40.82 and a 1-year high of $66.25.

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.