Pacer Advisors Inc. Raises Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Pacer Advisors Inc. raised its holdings in BlackLine, Inc. (NASDAQ:BL) by 154.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,159 shares of the technology company’s stock after purchasing an additional 2,522 shares during the period. Pacer Advisors Inc.’s holdings in BlackLine were worth $253,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after buying an additional 34,919 shares during the last quarter. Icon Wealth Advisors LLC increased its position 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 worth $907,000 after purchasing an additional 12,415 shares in the last quarter. Victory Capital Management Inc. raised its stake in BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares during the last quarter. Weiss Asset Management LP purchased a new position in BlackLine in the 3rd quarter valued at $1,506,000. Finally, Eagle Asset Management Inc. boosted its stake in BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after purchasing an additional 86,931 shares during the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Trading Up 1.5 %

BL opened at $64.57 on Wednesday. The business’s 50-day simple moving average is $61.60 and its 200-day simple moving average is $56.20. The company has a market cap of $4.03 billion, a P/E ratio of 65.89, a PEG ratio of 8.97 and a beta of 0.92. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insider Buying and Selling 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 shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $50.00 to $75.00 in a report on Thursday, January 30th. JPMorgan Chase & Co. lifted their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target for the company. in a research note on Monday, January 6th. Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Thursday, January 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.10.

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.