Wealthfront Advisers LLC Buys Shares of 23,712 BlackLine, Inc. (NASDAQ:BL)

Wealthfront Advisers LLC purchased a new stake in BlackLine, Inc. (NASDAQ:BL) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 23,712 shares of the technology company’s stock, valued at approximately $1,441,000.

Several other large investors have also modified their holdings of the business. Engaged Capital LLC purchased a new stake in BlackLine during the 3rd quarter worth about $33,620,000. JPMorgan Chase & Co. boosted its stake in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after purchasing an additional 435,271 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of BlackLine during the fourth quarter worth about $23,770,000. Conestoga Capital Advisors LLC raised its position in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after buying an additional 354,784 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of BlackLine by 63.0% during the third quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company’s stock valued at $17,534,000 after buying an additional 122,849 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on BL shares. Truist Financial cut their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, February 12th. BMO Capital Markets reduced their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Piper Sandler cut their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and boosted their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine presently has a consensus rating of “Hold” and a consensus price target of $66.40.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now directly 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 link. Company insiders own 9.93% of the company’s stock.

BlackLine Trading Up 5.1 %

NASDAQ:BL opened at $49.89 on Friday. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.09. The business’s 50-day moving average is $55.68 and its two-hundred day moving average is $56.73. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The firm has a market capitalization of $3.13 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03.

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

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.