Tidal Investments LLC Lowers Holdings in BlackLine, Inc. (NASDAQ:BL)

Tidal Investments LLC trimmed its holdings in BlackLine, Inc. (NASDAQ:BL) by 11.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,052 shares of the technology company’s stock after selling 1,487 shares during the quarter. Tidal Investments LLC’s holdings in BlackLine were worth $732,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in shares of BlackLine during the 4th quarter worth about $31,000. Global Retirement Partners LLC boosted its stake 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 acquiring an additional 449 shares in the last quarter. Quadrant Capital Group LLC boosted its stake 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 acquiring an additional 414 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of BlackLine during the 4th quarter worth about $50,000. Finally, Huntington National Bank boosted its stake 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 acquiring an additional 829 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler upped their price target on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. BMO Capital Markets reduced their price target 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. Truist Financial upped their price target on shares of BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Finally, DA Davidson reduced their price target on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $60.75.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the firm’s 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 completion of the transaction, the executive now owns 61,390 shares of the company’s stock, valued at $3,354,963.50. This trade represents a 2.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 8.60% of the stock is currently owned by corporate insiders.

BlackLine Stock Performance

NASDAQ:BL opened at $55.19 on Wednesday. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a market capitalization of $3.44 billion, a P/E ratio of 38.06, a PEG ratio of 10.80 and a beta of 0.94. The company has a 50 day moving average price of $48.93 and a 200 day moving average price of $54.96. BlackLine, Inc. has a fifty-two week low of $40.82 and a fifty-two week high of $66.25.

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.