BlackLine, Inc. (NASDAQ:BL) Shares Sold by Barton Investment Management

Barton Investment Management cut its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 18.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 222,989 shares of the technology company's stock after selling 50,093 shares during the period. BlackLine comprises approximately 1.3% of Barton Investment Management's portfolio, making the stock its 12th largest position. Barton Investment Management owned approximately 0.35% of BlackLine worth $10,797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in shares of BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock valued at $393,000 after acquiring an additional 161 shares during the period. Arizona State Retirement System raised its position in BlackLine by 1.3% in the 4th quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock valued at $931,000 after purchasing an additional 192 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in BlackLine by 0.8% during the 4th quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after purchasing an additional 200 shares during the period. Asset Management One Co. Ltd. boosted its stake in BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock worth $77,000 after purchasing an additional 209 shares during the period. 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 last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BL has been the subject of a number of research reports. Cantor Fitzgerald assumed coverage on shares of BlackLine in a report on Tuesday. They issued a "neutral" rating and a $58.00 target price for the company. The Goldman Sachs Group dropped their price target on BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research report on Thursday, April 17th. BMO Capital Markets decreased their price objective on BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Piper Sandler lifted their target price on BlackLine from $46.00 to $50.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, Truist Financial upped their price target on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $60.54.

BlackLine Price Performance

BlackLine stock opened at $57.35 on Friday. The firm has a market capitalization of $3.57 billion, a PE ratio of 39.55, a P/E/G ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 52 week low of $40.82 and a 52 week high of $66.25. The firm's 50-day simple moving average is $50.02 and its 200 day simple moving average is $54.79. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00.

Insider Transactions at BlackLine

In related news, CAO Michelle D. Stalick sold 795 shares of the business'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 completion of the transaction, the chief accounting officer now owns 25,235 shares of the company's stock, valued at approximately $1,391,457.90. The trade was a 3.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Mark Woodhams sold 1,856 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.60% of the company's stock.

About BlackLine

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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