Handelsbanken Fonder AB Purchases 84,800 Shares of BlackLine, Inc. (NASDAQ:BL)

Handelsbanken Fonder AB grew its position in BlackLine, Inc. (NASDAQ:BL) by 21.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 489,200 shares of the technology company’s stock after purchasing an additional 84,800 shares during the quarter. Handelsbanken Fonder AB’s holdings in BlackLine were worth $29,724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BL. FMR LLC lifted its holdings in shares of BlackLine by 1.3% during the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after purchasing an additional 64,435 shares in the last quarter. Conestoga Capital Advisors LLC raised its position 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 buying an additional 354,784 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in BlackLine by 35.3% during the 3rd 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 during the period. Geode Capital Management LLC lifted its stake in BlackLine by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after acquiring an additional 3,498 shares during the period. Finally, Geneva Capital Management LLC boosted its holdings in shares of BlackLine by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after acquiring an additional 24,446 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. 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 research note on Thursday, January 30th. Truist Financial dropped their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, February 12th. BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Finally, Piper Sandler dropped their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus price target of $66.40.

BlackLine Stock Down 1.3 %

BL stock opened at $49.32 on Friday. The business’s 50-day moving average price is $60.07 and its 200-day moving average price is $56.87. The stock has a market cap of $3.08 billion, a P/E ratio of 34.01, a PEG ratio of 10.99 and a beta of 0.92. 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, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. On average, equities research analysts forecast that BlackLine, Inc. will post 0.93 EPS for the current year.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 9.93% of the stock is owned by corporate insiders.

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.