Point72 Asset Management L.P. Has $4.43 Million Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Point72 Asset Management L.P. decreased its position in BlackLine, Inc. (NASDAQ:BL - Free Report) by 77.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,910 shares of the technology company's stock after selling 245,081 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.12% of BlackLine worth $4,430,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BL. Topline Capital Management LLC bought a new position in shares of BlackLine in the fourth quarter valued at approximately $60,572,000. American Century Companies Inc. raised its position in shares of BlackLine by 12,538.0% in the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company's stock valued at $54,481,000 after purchasing an additional 889,570 shares during the period. Raymond James Financial Inc. bought a new position in BlackLine during the fourth quarter worth $23,770,000. Conestoga Capital Advisors LLC increased its position in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock worth $128,439,000 after acquiring an additional 354,784 shares during the period. Finally, Shannon River Fund Management LLC bought a new position in BlackLine during the fourth quarter worth $19,827,000. Institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BL. Bank of America raised shares of BlackLine from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler boosted their target price on shares of BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Citigroup dropped their target price on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating on the stock in a research report on Wednesday, February 12th. The Goldman Sachs Group dropped their target price 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. Finally, BMO Capital Markets dropped 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 report on Wednesday, February 12th. Two research 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 price target of $60.75.

BlackLine Trading Down 1.2%

Shares of BlackLine stock opened at $54.87 on Tuesday. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The company's fifty day moving average price is $48.30 and its two-hundred day moving average price is $55.08. The firm has a market capitalization of $3.42 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 10.80 and a beta of 0.94.

Insider Activity

In other news, CRO Mark Woodhams sold 9,088 shares of the business's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the sale, the executive now 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 8.60% of the stock is owned by corporate insiders.

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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