Barton Investment Management Sells 129,754 Shares of BlackLine, Inc. (NASDAQ:BL)

Barton Investment Management trimmed its stake in BlackLine, Inc. (NASDAQ:BL) by 32.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 273,082 shares of the technology company’s stock after selling 129,754 shares during the period. BlackLine accounts for approximately 1.8% of Barton Investment Management’s holdings, making the stock its 11th largest position. Barton Investment Management owned about 0.44% of BlackLine worth $16,592,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BL. Engaged Capital LLC purchased a new position in BlackLine in the 3rd quarter worth about $33,620,000. JPMorgan Chase & Co. lifted its holdings in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after purchasing an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC increased its holdings in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of BlackLine by 3,027.3% in the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after buying an additional 217,751 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in BlackLine by 63.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company’s stock worth $17,534,000 after acquiring an additional 122,849 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

BL has been the topic of a number of research reports. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price on the stock in a research note on Thursday, January 16th. Piper Sandler downgraded BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a report on Monday, January 6th. Morgan Stanley increased their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. boosted their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.10.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value 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 approximately $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.53% of the stock is owned by insiders.

BlackLine Stock Up 1.7 %

Shares of NASDAQ:BL opened at $65.64 on Thursday. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The company’s 50-day moving average price is $61.68 and its two-hundred day moving average price is $56.26. The firm has a market cap of $4.10 billion, a P/E ratio of 66.98, a P/E/G ratio of 8.97 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

BlackLine 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.