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Baillie Gifford & Co. Sells 29,929 Shares of BlackLine (NASDAQ:BL)

BlackLine logo with Computer and Technology background

Key Points

  • Baillie Gifford & Co. reduced its stake in BlackLine by 10.0%, now holding 268,024 shares valued at approximately $12.98 million.
  • Institutional investors own 95.13% of BlackLine, with several large acquisitions made during the fourth quarter, including significant stakes by Topline Capital Management and Westwood Holdings Group.
  • BlackLine's stock has fluctuated between a twelve-month low of $40.82 and a high of $66.25, with an average target price of $60.31 according to analysts.
  • Want stock alerts on BlackLine? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Baillie Gifford & Co. cut its holdings in BlackLine (NASDAQ:BL - Free Report) by 10.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 268,024 shares of the technology company's stock after selling 29,929 shares during the quarter. Baillie Gifford & Co. owned approximately 0.42% of BlackLine worth $12,978,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BL. Quadrant Capital Group LLC grew its position in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after acquiring an additional 414 shares during the last quarter. Headlands Technologies LLC bought a new position in BlackLine in the fourth quarter worth approximately $50,000. Huntington National Bank lifted its holdings in BlackLine by 596.4% during the fourth quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after buying an additional 829 shares during the period. Johnson Financial Group Inc. purchased a new position in BlackLine in the 4th quarter worth $73,000. Finally, Covestor Ltd grew its position in BlackLine by 20.1% during the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock worth $102,000 after purchasing an additional 280 shares during the period. 95.13% of the stock is currently owned by institutional investors.

BlackLine Price Performance

Shares of BlackLine stock traded up $0.31 during mid-day trading on Wednesday, reaching $56.06. 90,667 shares of the stock were exchanged, compared to its average volume of 725,806. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 40.66, a price-to-earnings-growth ratio of 9.20 and a beta of 0.93. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.59. The firm has a 50-day simple moving average of $56.00 and a 200 day simple moving average of $53.27. BlackLine has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

Insider Transactions at BlackLine

In other news, CAO Michelle D. Stalick sold 795 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the transaction, the chief accounting officer owned 25,235 shares of the company's stock, valued at approximately $1,391,457.90. This trade represents a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the transaction, the executive directly owned 61,390 shares in the company, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on BL shares. Raymond James Financial raised shares of BlackLine from a "market perform" rating to an "outperform" rating and set a $67.00 price target on the stock in a research report on Tuesday. Piper Sandler upped their target price on shares of BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley lowered their target price on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen downgraded shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Citigroup reaffirmed a "buy" rating and set a $67.00 price target (up previously from $58.00) on shares of BlackLine in a research note on Wednesday, July 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BlackLine presently has an average rating of "Hold" and an average target price of $60.79.

View Our Latest Stock Analysis on BL

BlackLine Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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