Citigroup Inc. Has $4.70 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

Citigroup Inc. lessened its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 89.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,191 shares of the technology company's stock after selling 722,669 shares during the quarter. Citigroup Inc. owned approximately 0.14% of BlackLine worth $4,697,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC raised its position in shares of BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock worth $96,997,000 after purchasing an additional 350,143 shares during the period. Geneva Capital Management LLC increased its position in BlackLine by 2.8% in the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company's stock worth $49,395,000 after buying an additional 24,446 shares during the period. Dimensional Fund Advisors LP lifted its stake in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock valued at $28,076,000 after buying an additional 229,151 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in BlackLine by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company's stock valued at $27,307,000 after buying an additional 20,027 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of BlackLine by 40.7% during the third quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company's stock valued at $22,299,000 after acquiring an additional 116,900 shares during the period. Institutional investors own 95.13% of the company's stock.

Insiders Place Their Bets

In other BlackLine 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 transaction of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the business's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $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 90 days, insiders have sold 134,108 shares of company stock worth $7,488,826. 9.53% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on BL. Truist Financial lifted their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research report on Monday, November 11th. BTIG Research reduced their price objective on BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. JMP Securities boosted their price target on BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a research report on Friday, November 22nd. Finally, Robert W. Baird lowered their price target on BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $64.10.

BlackLine Price Performance

NASDAQ BL traded up $0.43 on Tuesday, reaching $62.80. The company's stock had a trading volume of 697,165 shares, compared to its average volume of 729,966. 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 quick ratio of 2.69 and a current ratio of 2.69. The firm's 50 day moving average is $57.82 and its two-hundred day moving average is $51.83. The stock has a market cap of $3.92 billion, a PE ratio of 64.08, a PEG ratio of 14.64 and a beta of 0.90.

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.