BlackLine, Inc. (NASDAQ:BL) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC decreased its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 99.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,314 shares of the technology company's stock after selling 1,128,835 shares during the quarter. HighTower Advisors LLC's holdings in BlackLine were worth $347,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Engaged Capital LLC acquired a new position in shares of BlackLine in the third quarter valued at approximately $33,620,000. Conestoga Capital Advisors LLC grew its position in BlackLine by 24.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock valued at $96,997,000 after buying an additional 350,143 shares during the last quarter. Squarepoint Ops LLC acquired a new position in BlackLine in the 2nd quarter valued at $15,128,000. Dimensional Fund Advisors LP raised its position in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock worth $28,076,000 after buying an additional 229,151 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of BlackLine by 3,027.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company's stock worth $12,403,000 after acquiring an additional 217,751 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

BL has been the subject of several research analyst reports. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. increased their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Piper Sandler reissued a "neutral" rating and set a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. Morgan Stanley increased their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Finally, 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 note on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $66.00.

BlackLine Stock Down 2.0 %

BL stock traded down $1.26 during mid-day trading on Monday, hitting $62.17. 422,676 shares of the company were exchanged, compared to its average volume of 857,189. The company has a market capitalization of $3.88 billion, a PE ratio of 63.44, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. The firm has a fifty day simple moving average of $60.45 and a 200 day simple moving average of $53.22. 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 twelve month low of $43.37 and a twelve month high of $69.31.

Insider Activity

In other news, insider Karole Morgan-Prager sold 10,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares of the company's stock, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 158,516 shares of company stock worth $9,058,748. 9.93% of the stock is currently owned by insiders.

BlackLine Company 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.