BlackLine (NASDAQ:BL) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. reduced its position in BlackLine (NASDAQ:BL - Free Report) by 99.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,066 shares of the technology company's stock after selling 777,371 shares during the period. Brown Advisory Inc.'s holdings in BlackLine were worth $294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in BL. Quadrant Capital Group LLC raised its position in BlackLine by 243.5% during the fourth 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 period. Headlands Technologies LLC acquired a new position in BlackLine during the fourth quarter worth $50,000. Huntington National Bank raised its position 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 acquiring an additional 829 shares during the period. Johnson Financial Group Inc. acquired a new position in BlackLine during the fourth quarter worth $73,000. Finally, Covestor Ltd raised its position in BlackLine by 20.1% during the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock worth $102,000 after acquiring an additional 280 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at BlackLine

In other BlackLine news, 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 directly owned 25,235 shares of the company's stock, valued at $1,391,457.90. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Mark Woodhams sold 1,856 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the transaction, the executive directly owned 61,390 shares in the company, valued at $3,354,963.50. This trade represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of analyst reports. DA Davidson dropped their price objective on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler raised 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. Cantor Fitzgerald initiated coverage on shares of BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price objective on the stock. Truist Financial raised their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Finally, Morgan Stanley reduced their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, BlackLine presently has an average rating of "Hold" and an average target price of $60.54.

BlackLine Stock Performance

BlackLine stock opened at $54.17 on Wednesday. The stock has a market cap of $3.38 billion, a P/E ratio of 39.25, a price-to-earnings-growth ratio of 9.04 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 stock has a 50 day moving average of $55.62 and a 200-day moving average of $53.47. BlackLine has a 52 week low of $40.82 and a 52 week high of $66.25.

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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