Squarepoint Ops LLC Trims Holdings in BlackLine, Inc. (NASDAQ:BL)

Squarepoint Ops LLC cut its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 35.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 157,171 shares of the technology company's stock after selling 84,976 shares during the quarter. Squarepoint Ops LLC owned about 0.25% of BlackLine worth $9,550,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Principal Financial Group Inc. lifted 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 worth $18,534,000 after purchasing an additional 14,256 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in shares of BlackLine by 20.2% during the 4th quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company's stock valued at $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of BlackLine by 154.1% in the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company's stock worth $253,000 after purchasing an additional 2,522 shares during the period. Sei Investments Co. increased its holdings in shares of BlackLine by 6.2% in the fourth 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 period. Finally, Bridgewater Associates LP purchased a new stake in shares of BlackLine in the fourth quarter worth $244,000. 95.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley reduced their target price on BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Truist Financial boosted their price objective on BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. 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 research note on Wednesday, May 7th. BMO Capital Markets dropped their target price on shares of BlackLine from $68.00 to $60.00 and set a "market perform" rating for the company in a research report on Wednesday, February 12th. Finally, DA Davidson decreased their price target on shares of BlackLine from $58.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, BlackLine has an average rating of "Hold" and an average target price of $60.75.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 1,856 shares of BlackLine 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 now directly owns 61,390 shares of the company's stock, valued at $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.60% of the company's stock.

BlackLine Trading Up 1.9%

Shares of BL stock traded up $1.03 on Tuesday, hitting $55.19. 525,672 shares of the company's stock traded hands, compared to its average volume of 769,297. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 38.06, a P/E/G ratio of 10.80 and a beta of 0.94. The company's fifty day simple moving average is $48.82 and its 200 day simple moving average is $54.95. BlackLine, Inc. 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 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

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.