BlackLine (NASDAQ:BL) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of BlackLine (NASDAQ:BL) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 571,054 shares of the technology company’s stock after acquiring an additional 12,057 shares during the quarter. Bank of New York Mellon Corp owned about 0.91% of BlackLine worth $27,650,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of BlackLine by 14.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,398 shares of the technology company’s stock valued at $814,000 after purchasing an additional 1,734 shares during the last quarter. HighTower Advisors LLC increased its stake in BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock valued at $393,000 after acquiring an additional 161 shares during the period. Swiss National Bank grew its stake in BlackLine by 1.2% during the fourth quarter. Swiss National Bank now owns 104,000 shares of the technology company’s stock worth $6,319,000 after buying an additional 1,200 shares during the last quarter. Corient Private Wealth LLC bought a new stake in BlackLine during the fourth quarter worth about $254,000. Finally, Cibc World Markets Corp bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $328,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Price Performance

Shares of BlackLine stock opened at $55.01 on Thursday. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.59. The company has a 50-day simple moving average of $55.71 and a two-hundred day simple moving average of $53.48. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 39.86, a price-to-earnings-growth ratio of 8.94 and a beta of 0.93.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 1,856 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the sale, the executive directly owned 61,390 shares of the company’s stock, valued at approximately $3,354,963.50. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 directly owned 25,235 shares in the company, valued at approximately $1,391,457.90. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BL has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Truist Financial raised their price objective on shares of BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. Wall Street Zen downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Citigroup reaffirmed a “buy” rating and issued a $67.00 target price (up previously from $58.00) on shares of BlackLine in a research report on Wednesday. Finally, DA Davidson decreased their price objective on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.31.

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.