Deutsche Bank AG Boosts Stake in BlackLine, Inc. (NASDAQ:BL)

Deutsche Bank AG increased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 59.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,811 shares of the technology company’s stock after purchasing an additional 20,008 shares during the period. Deutsche Bank AG owned 0.09% of BlackLine worth $3,270,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BL. Brown Advisory Inc. raised its holdings in BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company’s stock valued at $47,602,000 after acquiring an additional 218,976 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of BlackLine by 365.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 405,801 shares of the technology company’s stock valued at $24,656,000 after purchasing an additional 318,647 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of BlackLine by 17.4% during the 4th quarter. Ameriprise Financial Inc. now owns 388,594 shares of the technology company’s stock worth $23,611,000 after purchasing an additional 57,708 shares during the last quarter. Ananym Capital Management LP purchased a new stake in shares of BlackLine during the 4th quarter worth $17,497,000. Finally, Comerica Bank grew its stake in shares of BlackLine by 18.9% during the fourth quarter. Comerica Bank now owns 168,230 shares of the technology company’s stock worth $10,222,000 after purchasing an additional 26,792 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BL. Citigroup dropped their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. BMO Capital Markets reduced their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a report on Wednesday, February 12th. DA Davidson dropped their price target on BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock 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 research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, BlackLine has a consensus rating of “Hold” and a consensus target price of $60.75.

BlackLine Stock Performance

Shares of BL opened at $55.43 on Wednesday. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. The business’s fifty day moving average price is $48.46 and its 200 day moving average price is $55.08. 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 stock has a market capitalization of $3.45 billion, a PE ratio of 38.23, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94.

Insider Activity

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine 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 owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. This trade represents a 12.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

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.