BlackLine (NASDAQ:BL) Stock Position Raised by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its stake in BlackLine (NASDAQ:BL) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,076 shares of the technology company’s stock after buying an additional 11,549 shares during the quarter. New York State Common Retirement Fund owned approximately 0.25% of BlackLine worth $7,702,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. boosted its holdings in BlackLine by 6.8% in the 1st quarter. Xponance Inc. now owns 4,422 shares of the technology company’s stock valued at $214,000 after purchasing an additional 280 shares during the period. Bank of New York Mellon Corp boosted its holdings in BlackLine by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 571,054 shares of the technology company’s stock valued at $27,650,000 after purchasing an additional 12,057 shares during the period. Principal Financial Group Inc. boosted its holdings in BlackLine by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 313,527 shares of the technology company’s stock valued at $15,181,000 after purchasing an additional 8,496 shares during the period. KBC Group NV boosted its holdings in BlackLine by 33.9% in the 1st quarter. KBC Group NV now owns 2,919 shares of the technology company’s stock valued at $141,000 after purchasing an additional 739 shares during the period. Finally, Goodman Advisory Group LLC bought a new stake in BlackLine in the 1st quarter valued at $290,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped their target price on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Truist Financial increased their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. DA Davidson dropped their target price 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. Piper Sandler increased their target price on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen cut shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $60.31.

Insider Transactions at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of BlackLine stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total value of $43,836.30. Following the transaction, the chief accounting officer directly owned 25,235 shares of the company’s stock, valued at $1,391,457.90. The trade was a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the transaction, the executive directly owned 61,390 shares in the company, valued at $3,354,963.50. This trade represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.60% of the company’s stock.

BlackLine Trading Up 1.1%

Shares of BlackLine stock opened at $56.56 on Friday. BlackLine has a 52-week low of $40.82 and a 52-week high of $66.25. The stock’s 50-day simple moving average is $55.83 and its 200 day simple moving average is $53.37. The stock has a market capitalization of $3.52 billion, a P/E ratio of 40.99, a P/E/G ratio of 9.34 and a beta of 0.93. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.66 and a current ratio of 1.66.

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.