BlackLine, Inc. (NASDAQ:BL) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC cut its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 7.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 89,805 shares of the technology company's stock after selling 6,850 shares during the period. Granite Investment Partners LLC owned about 0.14% of BlackLine worth $5,457,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its stake in BlackLine by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company's stock worth $70,704,000 after acquiring an additional 3,498 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company's stock valued at $747,000 after purchasing an additional 219 shares in the last quarter. 272 Capital LP lifted its holdings in BlackLine by 30.8% during the 3rd quarter. 272 Capital LP now owns 68,437 shares of the technology company's stock worth $3,774,000 after buying an additional 16,107 shares in the last quarter. Principal Financial Group Inc. boosted its position in BlackLine by 13.6% in the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after buying an additional 34,919 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company's stock worth $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of BlackLine stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company's stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 8.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Truist Financial lowered their target price on BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a research note on Monday, April 7th. BMO Capital Markets cut 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 note on Wednesday, February 12th. The Goldman Sachs Group lowered their price target on shares of BlackLine from $51.00 to $43.00 and set a "sell" rating for the company in a report on Thursday. StockNews.com cut shares of BlackLine from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley cut their price target on BlackLine from $80.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, BlackLine presently has an average rating of "Hold" and an average target price of $61.00.

BlackLine Stock Performance

Shares of BL stock traded down $0.18 during midday trading on Friday, hitting $44.44. The company had a trading volume of 412,256 shares, compared to its average volume of 806,481. 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 50 day simple moving average is $48.13 and its 200 day simple moving average is $56.04. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 30.65, a PEG ratio of 10.80 and a beta of 0.97.

BlackLine (NASDAQ:BL - Get Free Report) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. Research analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current fiscal year.

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.