C M Bidwell & Associates Ltd. acquired a new position in shares of BlackLine, Inc. (NASDAQ:BL – Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 520 shares of the technology company’s stock, valued at approximately $35,000.
Several other hedge funds have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of BlackLine by 79.5% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 508 shares of the technology company’s stock worth $33,000 after buying an additional 225 shares during the last quarter. Barrett & Company Inc. acquired a new position in BlackLine during the first quarter worth about $67,000. HighMark Wealth Management LLC bought a new position in shares of BlackLine in the first quarter worth about $72,000. Benjamin Edwards Inc. boosted its stake in shares of BlackLine by 18.6% in the 4th quarter. Benjamin Edwards Inc. now owns 1,207 shares of the technology company’s stock valued at $81,000 after purchasing an additional 189 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of BlackLine by 90.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,218 shares of the technology company’s stock valued at $82,000 after purchasing an additional 578 shares during the last quarter. 95.13% of the stock is owned by institutional investors.
BlackLine Trading Up 0.9 %
NASDAQ:BL opened at $60.06 on Friday. BlackLine, Inc. has a 52 week low of $48.22 and a 52 week high of $77.90. The company has a debt-to-equity ratio of 7.87, a quick ratio of 3.62 and a current ratio of 3.62. The firm’s fifty day moving average is $54.45 and its 200-day moving average is $58.08. The firm has a market cap of $3.66 billion, a P/E ratio of -78.00, a P/E/G ratio of 3.28 and a beta of 0.89.
Analysts Set New Price Targets
BL has been the subject of several research reports. BTIG Research dropped their price objective on shares of BlackLine from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. Robert W. Baird cut their price objective on BlackLine from $82.00 to $64.00 in a report on Friday, May 5th. JMP Securities lowered their target price on BlackLine from $87.00 to $81.00 and set a “market outperform” rating for the company in a report on Wednesday, August 9th. Morgan Stanley assumed coverage on BlackLine in a research report on Monday, May 22nd. They issued an “equal weight” rating and a $60.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $61.33.
Insider Activity at BlackLine
In other news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $29,016.00. Following the completion of the sale, the executive now owns 94,083 shares of the company’s stock, valued at approximately $4,892,316. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 9.93% of the stock is owned by corporate insiders.
BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles high volumes of individual transactions; and task management to create and manage processes and task lists.
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