US Bancorp DE Sells 9,704 Shares of BlackLine, Inc. (NASDAQ:BL)

US Bancorp DE trimmed its holdings in BlackLine, Inc. (NASDAQ:BL) by 38.7% in the third quarter, HoldingsChannel reports. The fund owned 15,363 shares of the technology company’s stock after selling 9,704 shares during the period. US Bancorp DE’s holdings in BlackLine were worth $847,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BL. EntryPoint Capital LLC bought a new stake in BlackLine during the 1st quarter valued at $36,000. Quarry LP bought a new position in BlackLine in the 2nd quarter worth $32,000. 1620 Investment Advisors Inc. bought a new position in BlackLine in the 2nd quarter worth $64,000. Covestor Ltd raised its holdings in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after purchasing an additional 340 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Stock Up 1.5 %

NASDAQ:BL opened at $60.37 on Friday. The firm’s 50-day moving average price is $53.91 and its 200-day moving average price is $51.65. The company has a market capitalization of $3.75 billion, a PE ratio of 61.60, a P/E/G ratio of 14.36 and a beta of 0.90. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BL shares. Truist Financial upped their price objective on shares of BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Piper Sandler upped their price objective on shares of BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday. JMP Securities restated a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a report on Monday, July 15th. Finally, BTIG Research decreased their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.10.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now directly owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Barbara Whye sold 5,378 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 140,873 shares of company stock valued at $7,840,243. 9.93% of the stock is owned by insiders.

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.