Barton Investment Management Sells 129,754 Shares of BlackLine, Inc. (NASDAQ:BL)

Barton Investment Management decreased its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 32.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 273,082 shares of the technology company's stock after selling 129,754 shares during the quarter. BlackLine accounts for approximately 1.8% of Barton Investment Management's holdings, making the stock its 11th biggest holding. Barton Investment Management owned approximately 0.44% of BlackLine worth $16,592,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in BL. Principal Financial Group Inc. grew its holdings in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after purchasing an additional 34,919 shares during the last quarter. Icon Wealth Advisors LLC increased its position in BlackLine by 307.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company's stock valued at $907,000 after acquiring an additional 12,415 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock worth $1,416,000 after acquiring an additional 9,820 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of BlackLine in the third quarter worth about $1,506,000. Finally, Eagle Asset Management Inc. lifted its position in shares of BlackLine by 74.0% during the third 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 in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

BL has been the subject of a number of research reports. Piper Sandler lowered BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price objective for the company. in a research report on Monday, January 6th. Citigroup upgraded shares of BlackLine from a "neutral" rating to a "buy" rating and set a $73.00 price target for the company in a research report on Thursday, January 16th. Truist Financial increased their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a report on Monday, November 11th. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. increased their price target on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $68.10.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the transaction, the executive now directly owns 72,920 shares of the company's stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.93% of the stock is owned by company insiders.

BlackLine Stock Performance

NASDAQ BL traded down $0.50 during trading on Friday, reaching $64.63. 463,432 shares of the company's stock were exchanged, compared to its average volume of 516,899. 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 has a 50 day moving average price of $61.80 and a 200-day moving average price of $56.45. The stock has a market capitalization of $4.04 billion, a P/E ratio of 65.95, a PEG ratio of 9.14 and a beta of 0.92. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

BlackLine 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.