BlackLine, Inc. (NASDAQ:BL) Shares Sold by Invesco Ltd.

Invesco Ltd. cut its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,164 shares of the technology company's stock after selling 7,804 shares during the quarter. Invesco Ltd. owned approximately 0.27% of BlackLine worth $10,339,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in shares of BlackLine by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company's stock worth $393,000 after acquiring an additional 161 shares during the period. GAMMA Investing LLC raised its position in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company's stock worth $39,000 after acquiring an additional 185 shares during the period. Arizona State Retirement System raised its position in shares of BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company's stock worth $931,000 after acquiring an additional 192 shares during the period. Louisiana State Employees Retirement System raised its position in shares of BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company's stock worth $1,525,000 after acquiring an additional 200 shares during the period. Finally, Asset Management One Co. Ltd. raised its position in shares of BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company's stock worth $77,000 after acquiring an additional 209 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at BlackLine

In other 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 value of $451,400.96. Following the completion of the sale, 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 filing with the SEC, which can be accessed through this hyperlink. 8.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on BL shares. Citigroup decreased their price objective on shares of BlackLine from $73.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Morgan Stanley cut their target price on shares of BlackLine from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. JMP Securities reissued a "market outperform" rating and set a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Truist Financial cut their target price on shares of BlackLine from $55.00 to $40.00 and set a "hold" rating for the company in a research note on Monday, April 7th. Finally, StockNews.com cut shares of BlackLine from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, BlackLine currently has a consensus rating of "Hold" and an average price target of $60.00.

BlackLine Price Performance

NASDAQ BL traded down $0.37 during trading hours on Monday, hitting $46.85. 437,952 shares of the company's stock traded hands, compared to its average volume of 804,939. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25. The company has a market capitalization of $2.96 billion, a PE ratio of 32.31, a PEG ratio of 10.80 and a beta of 0.97. 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 firm's 50-day moving average is $47.46 and its 200-day moving average is $55.68.

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