Barclays PLC Sells 2,141,301 Shares of BlackLine, Inc. (NASDAQ:BL)

Barclays PLC lowered its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 81.7% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 479,020 shares of the technology company’s stock after selling 2,141,301 shares during the period. Barclays PLC’s holdings in BlackLine were worth $26,413,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Quarry LP bought a new stake in shares of BlackLine in the second quarter worth $32,000. 1620 Investment Advisors Inc. bought a new stake in shares of BlackLine during the 2nd quarter valued at about $64,000. Covestor Ltd increased its position in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of 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 during the period. Finally, nVerses Capital LLC purchased a new position in shares of BlackLine in the second quarter worth approximately $145,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

BL stock opened at $63.86 on Friday. The company has a market capitalization 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 company’s fifty day moving average price is $59.48 and its 200-day moving average price is $52.49. 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 quick ratio of 2.69 and a current ratio of 2.69.

Insiders Place Their Bets

In other news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This represents a 8.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 134,108 shares of company stock worth $7,488,826 in the last 90 days. 9.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on BL shares. JMP Securities upped their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Truist Financial lifted their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Morgan Stanley raised their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Piper Sandler restated a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, BlackLine has an average rating of “Hold” and an average price target of $64.10.

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.