Oppenheimer Asset Management Inc. Decreases Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Oppenheimer Asset Management Inc. cut its stake in BlackLine, Inc. (NASDAQ:BL) by 56.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,963 shares of the technology company’s stock after selling 48,260 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.06% of BlackLine worth $2,093,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after buying an additional 642,772 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Geneva Capital Management LLC grew its position in shares of BlackLine by 2.8% in the third quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of BlackLine by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock worth $22,299,000 after purchasing an additional 116,900 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BL has been the topic of a number of analyst reports. BTIG Research lowered their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Piper Sandler increased their price objective on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley boosted their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Truist Financial raised their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Robert W. Baird cut their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Two research 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.60.

Insider Transactions at BlackLine

In other BlackLine news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction that occurred 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 $12,440,124.96. The trade was a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,495 shares of company stock worth $7,560,534 in the last ninety days. Insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

Shares of BL stock opened at $59.31 on Friday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.95 and a current ratio of 2.69. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 60.52, a price-to-earnings-growth ratio of 15.28 and a beta of 0.90. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company has a 50 day moving average price of $55.16 and a 200 day moving average price of $51.70.

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.