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

Barclays PLC lessened its stake in BlackLine, Inc. (NASDAQ:BL) by 81.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 479,020 shares of the technology company’s stock after selling 2,141,301 shares during the quarter. Barclays PLC owned approximately 0.77% of BlackLine worth $26,413,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BL. FMR LLC grew its stake in shares of BlackLine by 1.3% during the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after buying an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC grew its position in BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Geneva Capital Management LLC increased its stake in BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares during the period. Engaged Capital LLC bought a new stake in BlackLine in the third quarter valued at approximately $33,620,000. Finally, Dimensional Fund Advisors LP lifted its position in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Price Performance

Shares of NASDAQ BL opened at $63.86 on Friday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The company has a 50 day simple moving average of $59.48 and a two-hundred day simple moving average of $52.49. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of 65.16, a P/E/G ratio of 15.18 and a beta of 0.90.

Insider Activity at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. This represents 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 link. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were 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 trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock valued at $7,488,826 in the last 90 days. Corporate insiders own 9.93% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on BL shares. Morgan Stanley lifted their target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. upped their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. JMP Securities lifted their price target 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. Finally, Piper Sandler reiterated a “neutral” rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and a consensus price target of $64.10.

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.