State Street Corp Trims Holdings in BlackLine, Inc. (NASDAQ:BL)

State Street Corp decreased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 71.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,107,668 shares of the technology company’s stock after selling 5,282,153 shares during the quarter. State Street Corp’s holdings in BlackLine were worth $116,217,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new stake in BlackLine during the 2nd quarter worth about $537,000. Icon Wealth Advisors LLC grew its holdings in BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after acquiring an additional 12,415 shares during the period. Susquehanna Fundamental Investments LLC grew its holdings in BlackLine by 430.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after acquiring an additional 73,362 shares during the period. Victory Capital Management Inc. raised its position in BlackLine by 61.9% during 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. Finally, Eagle Asset Management Inc. lifted its holdings in BlackLine by 74.0% in the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after acquiring an additional 86,931 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the topic of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial upped their price objective on shares of 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 target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and a consensus target price of $64.10.

BlackLine Trading Down 1.5 %

Shares of BL opened at $63.86 on Monday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The stock has a market cap of $3.99 billion, a PE ratio of 65.16, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. The firm’s fifty day moving average is $59.48 and its two-hundred day moving average is $52.54. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,108 shares of company stock valued at $7,488,826. Corporate insiders own 9.93% of the company’s stock.

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.