Baillie Gifford & Co. Sells 13,687 Shares of BlackLine, Inc. (NASDAQ:BL)

Baillie Gifford & Co. trimmed its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 3.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 398,796 shares of the technology company's stock after selling 13,687 shares during the quarter. Baillie Gifford & Co. owned approximately 0.64% of BlackLine worth $21,990,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. State of New Jersey Common Pension Fund D raised its holdings in shares of BlackLine by 3.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 39,474 shares of the technology company's stock valued at $2,177,000 after acquiring an additional 1,409 shares during the period. Covestor Ltd grew its position in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock worth $77,000 after purchasing an additional 337 shares in the last quarter. Principal Financial Group Inc. raised its stake in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after purchasing an additional 34,919 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in shares of BlackLine by 90.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 210,000 shares of the technology company's stock valued at $11,579,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Conestoga Capital Advisors LLC boosted its position in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock worth $96,997,000 after buying an additional 350,143 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now owns 226,844 shares of the company's stock, valued at $12,022,732. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Partin sold 5,648 shares of the firm's stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,495 shares of company stock valued at $7,560,534. Insiders own 9.93% of the company's stock.

BlackLine Stock Up 2.0 %

NASDAQ BL traded up $1.24 during trading on Wednesday, hitting $62.39. 699,052 shares of the company traded hands, compared to its average volume of 886,370. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The business has a fifty day simple moving average of $54.42 and a 200 day simple moving average of $51.62. The company has a market capitalization of $3.90 billion, a P/E ratio of 63.86, a PEG ratio of 14.98 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Piper Sandler upped their target price on BlackLine from $51.00 to $60.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Morgan Stanley upgraded shares of BlackLine from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $60.00 to $70.00 in a report on Monday, September 30th. BTIG Research dropped their price objective on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Finally, Truist Financial lifted their target price on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, BlackLine has a consensus rating of "Hold" and a consensus target price of $62.60.

About BlackLine

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.