BlackLine (NASDAQ:BL) Sees Strong Trading Volume

BlackLine, Inc. (NASDAQ:BL) shares saw unusually-high trading volume on Wednesday . Approximately 1,354,181 shares were traded during trading, an increase of 52% from the previous session’s volume of 892,398 shares.The stock last traded at $52.53 and had previously closed at $52.67.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BL shares. BMO Capital Markets lifted their price target on BlackLine from $65.00 to $67.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 8th. Wolfe Research started coverage on BlackLine in a research note on Monday, March 18th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. dropped their price target on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 14th. Citigroup dropped their price target on BlackLine from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, Robert W. Baird lifted their price target on BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $64.10.

BlackLine Trading Down 0.2 %

The firm has a market cap of $3.25 billion, a P/E ratio of 229.00, a PEG ratio of 6.67 and a beta of 0.87. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30. The company has a 50 day moving average of $61.38 and a 200 day moving average of $60.13.

Insiders Place Their Bets

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the transaction, the executive now directly owns 104,682 shares in the company, valued at $6,071,556. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

Institutional Trading of BlackLine

Large investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC boosted its holdings in BlackLine by 44.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 58,476 shares of the technology company’s stock valued at $3,651,000 after acquiring an additional 18,014 shares during the last quarter. Meritage Group LP bought a new position in BlackLine in the third quarter valued at about $59,530,000. Hillsdale Investment Management Inc. bought a new position in BlackLine during the fourth quarter worth about $4,692,000. Envestnet Portfolio Solutions Inc. bought a new position in BlackLine during the third quarter worth about $597,000. Finally, Great Lakes Advisors LLC bought a new position in BlackLine during the third quarter worth about $13,130,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.