Barclays PLC Lowers Holdings in BlackLine, Inc. (NASDAQ:BL)

Barclays PLC cut its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 81.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 479,020 shares of the technology company's stock after selling 2,141,301 shares during the quarter. Barclays PLC owned about 0.77% of BlackLine worth $26,413,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Quarry LP bought a new stake in shares of BlackLine in the second quarter worth approximately $32,000. 1620 Investment Advisors Inc. bought a new position in BlackLine in the 2nd quarter worth $64,000. Covestor Ltd increased its stake in BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock worth $77,000 after buying an additional 337 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of BlackLine by 13.0% in the second 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 in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of BlackLine during the second quarter worth about $145,000. Institutional investors own 95.13% of the company's stock.

Insider Activity

In related news, CFO Mark Partin sold 5,648 shares of the business's stock in a transaction 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 transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,108 shares of company stock valued at $7,488,826. Company insiders own 9.93% of the company's stock.

BlackLine Stock Down 1.5 %

Shares of BL stock traded down $0.94 during trading hours on Friday, reaching $63.86. 465,511 shares of the company's stock were exchanged, compared to its average volume of 860,683. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock's 50 day moving average is $59.48 and its 200-day moving average is $52.52. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 65.16, a P/E/G ratio of 15.18 and a beta of 0.90.

Analyst Ratings Changes

Several equities analysts have weighed in on BL shares. Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a report on Monday, November 11th. Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Piper Sandler restated a "neutral" rating and issued a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Finally, JMP Securities upped their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $64.10.

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.