Bank of America Corp DE Has $49.01 Million Position in BlackLine, Inc. (NASDAQ:BL)

Bank of America Corp DE reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 806,657 shares of the technology company’s stock after selling 17,768 shares during the quarter. Bank of America Corp DE’s holdings in BlackLine were worth $49,012,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC raised its stake in BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock worth $32,000 after acquiring an additional 449 shares in the last quarter. Quadrant Capital Group LLC raised its stake in BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after acquiring an additional 414 shares in the last quarter. Headlands Technologies LLC acquired a new position in BlackLine during the fourth quarter worth $50,000. Finally, Huntington National Bank raised its stake in BlackLine by 596.4% during the fourth quarter. Huntington National Bank now owns 968 shares of the technology company’s stock worth $59,000 after acquiring an additional 829 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Price Performance

BlackLine stock opened at $55.00 on Thursday. The business’s 50-day simple moving average is $47.89 and its 200 day simple moving average is $55.12. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 37.93, a P/E/G ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 12-month low of $40.82 and a 12-month high of $66.25. 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 (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, research analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the transaction, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Truist Financial increased their price objective on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday, May 8th. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. DA Davidson lowered their target price on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group lowered their target price on BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday, April 17th. Finally, BMO Capital Markets lowered their target price on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $60.75.

About BlackLine

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.