Riverbridge Partners LLC lessened its holdings in shares of BlackLine (NASDAQ:BL - Free Report) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,078,004 shares of the technology company's stock after selling 98,637 shares during the period. Riverbridge Partners LLC owned approximately 1.71% of BlackLine worth $52,197,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC lifted its stake in BlackLine by 2.5% in the 4th 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 in the last quarter. Arizona State Retirement System lifted its stake 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 acquiring an additional 192 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in BlackLine by 19.8% in the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock valued at $77,000 after acquiring an additional 209 shares in the last quarter. Covestor Ltd lifted its stake in BlackLine by 20.1% in the 4th quarter. Covestor Ltd now owns 1,672 shares of the technology company's stock valued at $102,000 after acquiring an additional 280 shares in the last quarter. Finally, Xponance Inc. lifted its stake in BlackLine by 9.2% in the 4th quarter. Xponance Inc. now owns 4,142 shares of the technology company's stock valued at $252,000 after acquiring an additional 350 shares in the last quarter. Institutional investors own 95.13% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on BL shares. Piper Sandler boosted their price target on BlackLine from $46.00 to $50.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. DA Davidson lowered their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group lowered 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. Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial boosted their price target on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Two investment 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.com, BlackLine has a consensus rating of "Hold" and an average target price of $60.54.
Read Our Latest Stock Report on BlackLine
BlackLine Stock Performance
BL traded up $1.59 during trading on Monday, hitting $56.37. The stock had a trading volume of 766,920 shares, compared to its average volume of 752,760. The company has a 50 day moving average price of $52.32 and a 200-day moving average price of $54.16. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 40.85, a P/E/G ratio of 9.07 and a beta of 0.94. BlackLine has a one year low of $40.82 and a one year high of $66.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66.
Insider Activity at BlackLine
In related news, CRO Mark Woodhams sold 1,856 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Michelle D. Stalick sold 795 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by corporate insiders.
About BlackLine
(
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.
Further Reading
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