Amalgamated Bank Lowers Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Amalgamated Bank lowered its position in shares of BlackLine, Inc. (NASDAQ:BL) by 2.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,411 shares of the technology company’s stock after selling 464 shares during the period. Amalgamated Bank’s holdings in BlackLine were worth $850,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BL. Fifth Third Bancorp boosted 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 valued at $112,000 after acquiring an additional 266 shares during the last quarter. Arizona State Retirement System lifted its position in BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after purchasing an additional 325 shares during the last quarter. Covestor Ltd grew its stake 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 buying an additional 340 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of BlackLine in the 1st quarter worth $36,000. Finally, Louisiana State Employees Retirement System raised its position in shares of BlackLine by 2.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock valued at $1,250,000 after buying an additional 600 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. The trade was a 27.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 135,495 shares of company stock valued at $7,560,534 in the last quarter. Insiders own 9.93% of the company’s stock.

BlackLine Stock Down 2.9 %

Shares of NASDAQ BL opened at $60.56 on Friday. The firm’s fifty day moving average is $54.69 and its 200 day moving average is $51.69. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a quick ratio of 1.95, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 61.81, a PEG ratio of 14.98 and a beta of 0.90.

Analyst Ratings Changes

Several research analysts recently issued reports on BL shares. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday. Piper Sandler raised their price objective on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, November 8th. BTIG Research cut their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $60.00 to $70.00 in a research note on Monday, September 30th. Two 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $62.60.

BlackLine 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.