First Horizon Advisors Inc. Reduces Position in BlackLine, Inc. (NASDAQ:BL)

First Horizon Advisors Inc. decreased its position in BlackLine, Inc. (NASDAQ:BL) by 40.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 954 shares of the technology company’s stock after selling 656 shares during the period. First Horizon Advisors Inc.’s holdings in BlackLine were worth $53,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC boosted its holdings in shares of BlackLine by 24.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Geneva Capital Management LLC lifted its position in BlackLine by 2.8% during the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares during the period. Dimensional Fund Advisors LP boosted its holdings in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares during the last quarter. Handelsbanken Fonder AB grew its position in BlackLine by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock worth $22,299,000 after purchasing an additional 116,900 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of BlackLine during the 2nd quarter valued at about $15,128,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Buying and Selling at BlackLine

In related news, CFO Mark Partin sold 85,308 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 134,108 shares of company stock worth $7,488,826 over the last quarter. 9.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on BL shares. JMP Securities upped their target price on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $64.10.

BlackLine Stock Performance

NASDAQ:BL opened at $62.70 on Monday. The company’s 50-day moving average is $56.26 and its two-hundred day moving average is $51.70. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 63.98, a PEG ratio of 14.48 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.