Virtus Investment Advisers Inc. Sells 39,774 Shares of BlackLine, Inc. (NASDAQ:BL)

Virtus Investment Advisers Inc. lessened its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 72.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,242 shares of the technology company's stock after selling 39,774 shares during the quarter. Virtus Investment Advisers Inc.'s holdings in BlackLine were worth $840,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BL. Cetera Investment Advisers bought a new stake in shares of BlackLine during the 1st quarter worth approximately $1,572,000. Point72 DIFC Ltd bought a new stake in BlackLine during the second quarter worth $537,000. Susquehanna Fundamental Investments LLC lifted its stake in BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company's stock valued at $4,380,000 after acquiring an additional 73,362 shares during the last quarter. Icon Wealth Advisors LLC grew its position in shares of 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 during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock valued at $1,416,000 after purchasing an additional 9,820 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Price Performance

Shares of NASDAQ BL traded up $1.32 during mid-day trading on Friday, hitting $64.23. 452,836 shares of the stock traded hands, compared to its average volume of 711,805. The company has a market cap of $4.01 billion, a PE ratio of 65.54, a price-to-earnings-growth ratio of 14.91 and a beta of 0.90. The firm has a 50 day simple moving average of $58.52 and a two-hundred day simple moving average of $52.04. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. JPMorgan Chase & Co. upped 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. Piper Sandler restated a "neutral" rating and set a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. JMP Securities increased their target price on BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a research note on Friday, November 22nd. Finally, Truist Financial boosted their price target on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research note 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's stock. According to MarketBeat.com, BlackLine has an average rating of "Hold" and an average target price of $64.10.

Insider Transactions at BlackLine

In other BlackLine 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 transaction 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 $12,022,732. This represents 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 5,773 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total value of $318,323.22. Following the transaction, the insider now owns 113,865 shares of the company's stock, valued at approximately $6,278,516.10. This represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company's stock.

BlackLine Company 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.