BlackLine, Inc. (NASDAQ:BL) Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in BlackLine, Inc. (NASDAQ:BL) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,024 shares of the technology company’s stock after selling 2,774 shares during the quarter. Rhumbline Advisers’ holdings in BlackLine were worth $8,872,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BL. Principal Financial Group Inc. lifted its stake 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 in the last quarter. Icon Wealth Advisors LLC lifted its position in shares of BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock valued at $907,000 after acquiring an additional 12,415 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares in the last quarter. Weiss Asset Management LP acquired a new stake in shares of BlackLine in the third quarter worth approximately $1,506,000. Finally, Eagle Asset Management Inc. increased its position in shares of BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after purchasing an additional 86,931 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Trading Up 0.0 %

Shares of BlackLine stock opened at $49.11 on Tuesday. The stock has a 50 day moving average of $59.46 and a 200 day moving average of $57.04. 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 firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 10.50 and a beta of 0.92. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. As a group, research analysts predict that BlackLine, Inc. will post 0.93 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on BL shares. Truist Financial decreased their price objective on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. StockNews.com raised shares of BlackLine from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Citigroup dropped their price objective on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, Piper Sandler dropped their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday, February 12th. Two 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, the stock currently has a consensus rating of “Hold” and an average target price of $66.40.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’s 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 transaction, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 9.53% of the company’s stock.

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.