HighTower Advisors LLC Has $347,000 Stake in BlackLine, Inc. (NASDAQ:BL)

HighTower Advisors LLC reduced its holdings in BlackLine, Inc. (NASDAQ:BL) by 99.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,314 shares of the technology company’s stock after selling 1,128,835 shares during the quarter. HighTower Advisors LLC’s holdings in BlackLine were worth $347,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of BL. Quarry LP acquired a new stake in BlackLine in the 2nd quarter valued at about $32,000. Covestor Ltd increased its holdings in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares in the last quarter. nVerses Capital LLC bought a new position in BlackLine in the 2nd quarter worth approximately $145,000. Finally, Sanctuary Advisors LLC acquired a new position in BlackLine during the 2nd quarter worth $220,000. 95.13% of the stock is currently owned by institutional investors.

BlackLine Trading Up 1.5 %

NASDAQ BL opened at $63.43 on Monday. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market cap of $3.96 billion, a P/E ratio of 64.72, a P/E/G ratio of 15.18 and a beta of 0.90. The stock’s 50-day moving average is $60.34 and its 200-day moving average is $53.11.

Insider Activity

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the sale, the executive now owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 158,516 shares of company stock worth $9,058,748 over the last quarter. 9.93% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BL shares. Piper Sandler reissued a “neutral” rating and issued a $60.00 target price on shares of BlackLine in a research note on Wednesday, November 20th. JMP Securities lifted their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Truist Financial upped their target price on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company 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 assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.