GAMMA Investing LLC Buys 185 Shares of BlackLine, Inc. (NASDAQ:BL)

GAMMA Investing LLC boosted its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 41.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 634 shares of the technology company’s stock after acquiring an additional 185 shares during the quarter. GAMMA Investing LLC’s holdings in BlackLine were worth $39,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after buying an additional 34,919 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of BlackLine during the second quarter valued at approximately $537,000. Icon Wealth Advisors LLC grew its stake in shares of BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock valued at $907,000 after buying an additional 12,415 shares during the last quarter. Susquehanna Fundamental Investments LLC grew its stake in BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after purchasing an additional 73,362 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after purchasing an additional 9,820 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on BL shares. Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research note on Monday, January 6th. Morgan Stanley increased their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Citigroup upped their target price on BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, BlackLine presently has a consensus rating of “Hold” and an average price target of $66.00.

BlackLine Price Performance

NASDAQ BL opened at $56.42 on Tuesday. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The stock’s fifty day moving average price is $61.24 and its 200 day moving average price is $54.67. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 57.57, a PEG ratio of 15.18 and a beta of 0.91.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.93% of the stock is owned by insiders.

BlackLine Company 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.