Trust Point Inc. Sells 4,551 Shares of BlackLine (NASDAQ:BL)

Trust Point Inc. decreased its position in BlackLine (NASDAQ:BL - Free Report) by 35.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BL. SBI Securities Co. Ltd. bought a new position in shares of BlackLine during the 4th quarter valued at about $31,000. Global Retirement Partners LLC increased its position in shares of BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company's stock worth $32,000 after purchasing an additional 449 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company's stock worth $35,000 after purchasing an additional 414 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of BlackLine during the 4th quarter worth approximately $50,000. Finally, Huntington National Bank increased its position in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company's stock worth $59,000 after purchasing an additional 829 shares during the last quarter. Institutional investors own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BL. Truist Financial raised their price target on BlackLine from $40.00 to $45.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Cantor Fitzgerald began coverage on BlackLine in a report on Tuesday, June 3rd. They set a "neutral" rating and a $58.00 price target for the company. DA Davidson cut their price target on BlackLine from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group dropped their target price on BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, April 17th. Finally, Wall Street Zen cut BlackLine from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $60.54.

Insider Activity at BlackLine

In other BlackLine news, 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 value of $43,836.30. Following the transaction, the chief accounting officer now directly owns 25,235 shares of the company's stock, valued at $1,391,457.90. The trade was a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by insiders.

BlackLine Price Performance

Shares of BL traded down $0.18 during trading hours on Friday, reaching $54.78. 1,132,816 shares of the company's stock traded hands, compared to its average volume of 752,703. The stock has a market cap of $3.41 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 9.07 and a beta of 0.94. 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 firm's 50 day simple moving average is $52.11 and its 200-day simple moving average is $54.28. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25.

BlackLine 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.