BlackLine, Inc. (NASDAQ:BL) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 84.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,811 shares of the technology company's stock after selling 462,082 shares during the quarter. Fred Alger Management LLC owned about 0.13% of BlackLine worth $4,621,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Cetera Investment Advisers purchased a new stake in shares of BlackLine during the first quarter valued at approximately $1,572,000. Teachers Retirement System of The State of Kentucky purchased a new stake in BlackLine during the 1st quarter valued at $907,000. Point72 DIFC Ltd bought a new stake in shares of BlackLine in the 2nd quarter worth $537,000. Susquehanna Fundamental Investments LLC raised its stake in shares of BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company's stock worth $4,380,000 after purchasing an additional 73,362 shares during the last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings 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 valued at $907,000 after purchasing an additional 12,415 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

Insider Buying and Selling at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company's stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares in the company, valued at approximately $6,262,575. This represents a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated 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 owns 226,844 shares of the company's stock, valued at approximately $12,022,732. This represents a 2.43 % decrease in their position. 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. 9.93% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on BL shares. Morgan Stanley boosted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, November 15th. BTIG Research decreased their target price on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Piper Sandler restated a "neutral" rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. JPMorgan Chase & Co. upped their price objective on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Finally, Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $64.10.

BlackLine Price Performance

Shares of NASDAQ:BL traded up $0.13 during midday trading on Friday, reaching $62.01. 213,272 shares of the company were exchanged, compared to its average volume of 723,402. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The stock has a market cap of $3.88 billion, a PE ratio of 63.28, a price-to-earnings-growth ratio of 14.56 and a beta of 0.90. The business's fifty day moving average is $57.37 and its two-hundred day moving average is $51.83.

BlackLine Profile

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.