272 Capital LP trimmed its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 52.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 25,000 shares of the technology company's stock after selling 27,330 shares during the quarter. BlackLine accounts for approximately 1.5% of 272 Capital LP's investment portfolio, making the stock its 26th biggest holding. 272 Capital LP's holdings in BlackLine were worth $1,378,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of BlackLine during the 2nd quarter valued at approximately $32,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd grew its position in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after acquiring an additional 337 shares during the period. Fifth Third Bancorp grew its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock valued at $112,000 after acquiring an additional 266 shares during the period. Finally, nVerses Capital LLC purchased a new position in shares of BlackLine in the 2nd quarter valued at about $145,000. 95.13% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at BlackLine
In related news, CFO Mark Partin sold 5,648 shares of the company's stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the sale, the insider now directly owns 113,865 shares of the company's stock, valued at approximately $6,262,575. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock worth $7,488,826 in the last three months. 9.93% of the stock is owned by corporate insiders.
BlackLine Price Performance
Shares of NASDAQ:BL traded up $0.13 during midday trading on Friday, hitting $62.01. The company had a trading volume of 213,272 shares, compared to its average volume of 723,402. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 63.28, a price-to-earnings-growth ratio of 14.56 and a beta of 0.90. 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 business's 50-day simple moving average is $57.37 and its 200-day simple moving average is $51.78.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on BL shares. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research note on Friday, October 25th. Robert W. Baird cut their target price on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. JMP Securities raised their price target on shares of BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research note on Friday, November 22nd. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Finally, Piper Sandler reissued a "neutral" rating and set a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $64.10.
View Our Latest Research Report on BL
BlackLine Profile
(
Free Report)
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.
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