Trust Point Inc. Has $401,000 Stock Holdings in BlackLine (NASDAQ:BL)

Trust Point Inc. decreased its position in BlackLine (NASDAQ:BL - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,285 shares of the technology company's stock after selling 4,551 shares during the period. Trust Point Inc.'s holdings in BlackLine were worth $401,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Topline Capital Management LLC bought a new stake in BlackLine in the fourth quarter valued at about $60,572,000. American Century Companies Inc. boosted its holdings in BlackLine by 12,538.0% during 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 in the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of BlackLine in the 4th quarter valued at approximately $34,928,000. Raymond James Financial Inc. acquired a new position in shares of BlackLine in the 4th quarter worth approximately $23,770,000. Finally, Shannon River Fund Management LLC bought a new position in shares of BlackLine during the 4th quarter worth approximately $19,827,000. Institutional investors own 95.13% of the company's stock.

BlackLine Trading Down 0.6%

BL stock opened at $54.98 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 1.59. BlackLine has a twelve month low of $40.82 and a twelve month high of $66.25. The company has a market cap of $3.43 billion, a P/E ratio of 39.84, a PEG ratio of 9.16 and a beta of 0.94. The business has a fifty day moving average of $51.56 and a 200-day moving average of $54.45.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. 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. Wall Street Zen cut shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Cantor Fitzgerald started coverage on shares of BlackLine in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $58.00 price target on the stock. Truist Financial upped their price objective on shares of BlackLine from $40.00 to $45.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Finally, Piper Sandler lifted 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. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $60.54.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 1,856 shares of the stock in a transaction that occurred 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 sale, the executive now directly owns 61,390 shares in the company, valued at $3,354,963.50. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle D. Stalick sold 795 shares of BlackLine stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $55.14, for a total transaction of $43,836.30. Following the transaction, the chief accounting officer now directly owns 25,235 shares in the company, valued at $1,391,457.90. The trade was a 3.05% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

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.

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