State Street Corp Cuts Stock Position in BlackLine, Inc. (NASDAQ:BL)

State Street Corp trimmed its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 71.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,107,668 shares of the technology company's stock after selling 5,282,153 shares during the period. State Street Corp owned approximately 3.37% of BlackLine worth $116,217,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Raymond James & Associates raised its holdings in shares of BlackLine by 3.3% during the 2nd quarter. Raymond James & Associates now owns 69,139 shares of the technology company's stock valued at $3,350,000 after buying an additional 2,194 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock valued at $112,000 after purchasing an additional 266 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in BlackLine in the 2nd quarter worth $64,000. Louisiana State Employees Retirement System boosted its position in BlackLine by 2.4% during the second quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company's stock valued at $1,250,000 after buying an additional 600 shares during the period. Finally, Nicholas Company Inc. grew its stake in shares of BlackLine by 17.0% during the second quarter. Nicholas Company Inc. now owns 131,675 shares of the technology company's stock valued at $6,380,000 after buying an additional 19,120 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Price Performance

Shares of NASDAQ BL traded up $1.08 during midday trading on Monday, reaching $64.94. 492,400 shares of the stock traded hands, compared to its average volume of 859,162. The company's 50 day moving average is $59.48 and its 200 day moving average is $52.54. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The stock has a market capitalization of $4.06 billion, a PE ratio of 66.27, a P/E/G ratio of 15.18 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insider Buying and Selling at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,262,575. This represents a 8.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares of the company's stock, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,516 shares of company stock worth $9,058,748 over the last quarter. Insiders own 9.93% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BL. Morgan Stanley increased their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Piper Sandler reaffirmed a "neutral" rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. Truist Financial boosted 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. JPMorgan Chase & Co. boosted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research report on Friday, October 25th. Finally, JMP Securities upped their target price on BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, BlackLine has a consensus rating of "Hold" and an average price target of $66.00.

BlackLine 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.