Point72 Asset Management L.P. Has $4.43 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

Point72 Asset Management L.P. decreased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 77.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 72,910 shares of the technology company’s stock after selling 245,081 shares during the period. Point72 Asset Management L.P.’s holdings in BlackLine were worth $4,430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new position in BlackLine during the 4th quarter valued at about $31,000. Global Retirement Partners LLC lifted its position in BlackLine by 568.4% during the 4th quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC lifted its position in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after purchasing an additional 414 shares during the period. Headlands Technologies LLC acquired a new position in BlackLine during the 4th quarter valued at about $50,000. Finally, Huntington National Bank lifted its position in BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after purchasing an additional 829 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This represents a 12.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 8.60% of the stock is owned by company insiders.

BlackLine Price Performance

NASDAQ BL opened at $54.87 on Tuesday. The business has a 50 day simple moving average of $48.30 and a 200 day simple moving average of $55.08. BlackLine, Inc. has a 52-week low of $40.82 and a 52-week high of $66.25. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 10.80 and a beta of 0.94.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Truist Financial upped their target price on shares of BlackLine from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Thursday, May 8th. Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Piper Sandler upped their price target on BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Finally, BMO Capital Markets lowered their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $60.75.

About BlackLine

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.