Riverbridge Partners LLC Cuts Stock Position in BlackLine, Inc. (NASDAQ:BL)

Riverbridge Partners LLC trimmed its position in shares of BlackLine, Inc. (NASDAQ:BL) by 7.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,176,641 shares of the technology company’s stock after selling 95,918 shares during the quarter. Riverbridge Partners LLC’s holdings in BlackLine were worth $71,493,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BL. Engaged Capital LLC bought a new position in shares of BlackLine during the 3rd quarter worth approximately $33,620,000. JPMorgan Chase & Co. grew its holdings in BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after purchasing an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of BlackLine during the 2nd quarter valued at $15,128,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of BlackLine by 65.4% in 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. 95.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.93% of the stock is owned by insiders.

BlackLine Trading Down 2.5 %

Shares of BlackLine stock opened at $59.70 on Thursday. The stock has a market cap of $3.73 billion, a PE ratio of 60.92, a price-to-earnings-growth ratio of 13.86 and a beta of 0.91. The firm has a fifty day moving average price of $61.17 and a 200 day moving average price of $55.18. BlackLine, Inc. has a 1 year low of $43.37 and a 1 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.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BL shares. Truist Financial upped 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. JPMorgan Chase & Co. upped 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. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Thursday, January 16th. Piper Sandler lowered shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target on the stock. in a research note on Monday, January 6th. Finally, JMP Securities reiterated a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.