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

Barton Investment Management decreased its position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 18.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,989 shares of the technology company's stock after selling 50,093 shares during the quarter. BlackLine accounts for approximately 1.3% of Barton Investment Management's portfolio, making the stock its 12th largest holding. Barton Investment Management owned 0.35% of BlackLine worth $10,797,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in BlackLine by 4.9% in the 4th quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company's stock valued at $18,534,000 after acquiring an additional 14,256 shares during the period. Sei Investments Co. boosted its stake in BlackLine by 6.2% during the 4th quarter. Sei Investments Co. now owns 147,381 shares of the technology company's stock worth $8,955,000 after purchasing an additional 8,558 shares during the last quarter. Bridgewater Associates LP acquired a new stake in BlackLine during the 4th quarter worth $244,000. Deutsche Bank AG boosted its stake in BlackLine by 59.2% during the 4th quarter. Deutsche Bank AG now owns 53,811 shares of the technology company's stock worth $3,270,000 after purchasing an additional 20,008 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in BlackLine by 62.9% during the 4th quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company's stock worth $5,869,000 after purchasing an additional 37,285 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

BlackLine Trading Down 2.3%

NASDAQ:BL traded down $1.30 on Tuesday, reaching $56.00. 513,874 shares of the company's stock were exchanged, compared to its average volume of 756,059. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 38.62, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94. The business has a fifty day moving average of $50.37 and a 200-day moving average of $54.69. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25.

Insider Buying and Selling at BlackLine

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on BL shares. DA Davidson lowered their target price on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. BMO Capital Markets lowered their target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 12th. Citigroup lowered their target price on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, February 12th. Wall Street Zen cut shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group lowered their price target on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating on the stock in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, BlackLine currently has an average rating of "Hold" and an average target price of $60.54.

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.