Graham Capital Management L.P. Cuts Position in BlackLine, Inc. (NASDAQ:BL)

Graham Capital Management L.P. trimmed its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 56.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,862 shares of the technology company's stock after selling 7,747 shares during the quarter. Graham Capital Management L.P.'s holdings in BlackLine were worth $356,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BL. SBI Securities Co. Ltd. bought a new stake in shares of BlackLine in the 4th quarter worth about $31,000. Global Retirement Partners LLC grew its holdings in BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock valued at $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock valued at $35,000 after buying an additional 414 shares during the period. Headlands Technologies LLC bought a new position in shares of BlackLine during the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank lifted its stake in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after acquiring an additional 829 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BL shares. Truist Financial boosted their target price on shares of BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. The Goldman Sachs Group lowered their price target on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, April 17th. Citigroup reduced their price objective on BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. DA Davidson lowered their target price on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Morgan Stanley dropped their target price on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $60.75.

BlackLine Stock Performance

BL stock traded up $0.44 during trading on Thursday, reaching $54.38. The company had a trading volume of 102,774 shares, compared to its average volume of 793,421. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The firm has a 50-day simple moving average of $48.54 and a 200-day simple moving average of $55.07. BlackLine, Inc. has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 37.50, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the sale, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. The trade was a 12.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.60% of the company's stock.

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.