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

Citigroup Inc. reduced its position in BlackLine, Inc. (NASDAQ:BL) by 89.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,191 shares of the technology company’s stock after selling 722,669 shares during the period. Citigroup Inc.’s holdings in BlackLine were worth $4,697,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Quarry LP purchased a new stake in BlackLine during the 2nd quarter worth approximately $32,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the 2nd quarter valued at about $64,000. Covestor Ltd raised its stake in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares in the last quarter. Fifth Third Bancorp raised its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in BlackLine during the 2nd quarter valued at $145,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Price Performance

Shares of BL stock opened at $62.37 on Tuesday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The firm’s 50 day moving average price is $57.59 and its two-hundred day moving average price is $51.80. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The stock has a market cap of $3.90 billion, a PE ratio of 63.64, a PEG ratio of 14.56 and a beta of 0.90.

Insider Transactions at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of the stock in a transaction dated 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 directly owns 226,844 shares in the company, valued at $12,440,124.96. This represents a 27.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. The trade was a 19.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BL has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. BTIG Research dropped their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Truist Financial lifted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. JMP Securities raised their price target on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Finally, Piper Sandler restated a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $64.10.

About BlackLine

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.