Icon Wealth Advisors LLC Acquires 12,415 Shares of BlackLine, Inc. (NASDAQ:BL)

Icon Wealth Advisors LLC increased its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 307.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,452 shares of the technology company's stock after acquiring an additional 12,415 shares during the period. Icon Wealth Advisors LLC's holdings in BlackLine were worth $907,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Eagle Asset Management Inc. boosted its stake in shares of BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company's stock valued at $12,335,000 after purchasing an additional 86,931 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of BlackLine by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company's stock worth $27,307,000 after acquiring an additional 20,027 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of BlackLine in the 3rd quarter valued at approximately $818,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in BlackLine by 214.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 128,149 shares of the technology company's stock worth $7,066,000 after purchasing an additional 87,431 shares during the period. Finally, Quest Partners LLC bought a new position in BlackLine in the third quarter worth $485,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BL. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Piper Sandler restated a "neutral" rating and issued a $60.00 price objective on shares of BlackLine in a report on Wednesday. JMP Securities increased their target price on BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research note on Friday. Finally, JPMorgan Chase & Co. increased 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. Two 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 stock. According to MarketBeat, BlackLine currently has an average rating of "Hold" and an average target price of $64.10.

BlackLine Price Performance

NASDAQ BL traded up $1.01 during trading on Friday, hitting $62.70. 576,984 shares of the stock traded hands, compared to its average volume of 728,996. The company has a market capitalization of $3.92 billion, a P/E ratio of 63.98, a price-to-earnings-growth ratio of 14.48 and a beta of 0.90. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The firm has a 50-day simple moving average of $56.26 and a 200-day simple moving average of $51.76. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Activity

In related news, insider Karole Morgan-Prager sold 5,773 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total transaction of $318,323.22. Following the completion of the sale, the insider now directly owns 113,865 shares of the company's stock, valued at approximately $6,278,516.10. This trade represents a 4.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the company's stock in a transaction on 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 directly owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is currently owned by corporate insiders.

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.