Oppenheimer Asset Management Inc. Has $2.09 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

Oppenheimer Asset Management Inc. trimmed its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 56.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,963 shares of the technology company's stock after selling 48,260 shares during the period. Oppenheimer Asset Management Inc. owned 0.06% of BlackLine worth $2,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company's stock worth $476,662,000 after buying an additional 642,772 shares in the last quarter. Conestoga Capital Advisors LLC boosted its holdings in BlackLine by 24.9% during 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 acquiring an additional 350,143 shares during the period. Geneva Capital Management LLC grew its stake in shares of 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 acquiring an additional 24,446 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 229,151 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in BlackLine by 40.7% in the third quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company's stock valued at $22,299,000 after buying an additional 116,900 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Stock Performance

BL traded down $1.25 on Friday, hitting $59.31. 671,778 shares of the stock traded hands, compared to its average volume of 656,236. The business has a fifty day moving average price of $55.16 and a two-hundred day moving average price of $51.70. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42. The firm has a market capitalization of $3.71 billion, a PE ratio of 60.52, a P/E/G ratio of 14.40 and a beta of 0.90. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. The trade was a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now 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. Insiders have sold a total of 135,495 shares of company stock valued at $7,560,534 over the last quarter. 9.93% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on BL. Morgan Stanley upped their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Robert W. Baird reduced their price objective 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. BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Finally, Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Two 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $63.60.

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.