Raymond James & Associates Cuts Stake in BlackLine, Inc. (NASDAQ:BL)

Raymond James & Associates cut its stake in BlackLine, Inc. (NASDAQ:BL) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,749 shares of the technology company’s stock after selling 3,041 shares during the quarter. Raymond James & Associates owned about 0.11% of BlackLine worth $4,230,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in BlackLine by 6.1% in the third quarter. Vanguard Group Inc. now owns 6,658,540 shares of the technology company’s stock valued at $369,349,000 after purchasing an additional 380,614 shares during the period. Alliancebernstein L.P. increased its position in shares of BlackLine by 1.1% during the second quarter. Alliancebernstein L.P. now owns 1,298,929 shares of the technology company’s stock worth $69,908,000 after acquiring an additional 13,731 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of BlackLine by 40.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,296,306 shares of the technology company’s stock worth $87,203,000 after acquiring an additional 374,813 shares during the last quarter. Meritage Group LP purchased a new stake in shares of BlackLine during the third quarter worth about $59,530,000. Finally, Geode Capital Management LLC increased its position in shares of BlackLine by 4.6% during the first quarter. Geode Capital Management LLC now owns 1,069,166 shares of the technology company’s stock worth $71,795,000 after acquiring an additional 47,067 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at BlackLine

In other news, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total value of $45,000.00. Following the transaction, the director now owns 51,470 shares of the company’s stock, valued at $3,088,200. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler dropped their target price on BlackLine from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their target price on BlackLine from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. William Blair lowered BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Citigroup lifted their target price on BlackLine from $57.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 27th. Finally, The Goldman Sachs Group lifted their price target on BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a research note on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, BlackLine currently has an average rating of “Hold” and a consensus price target of $61.80.

BlackLine Stock Performance

Shares of BL stock opened at $64.71 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The business has a 50 day moving average of $62.11 and a two-hundred day moving average of $58.85. BlackLine, Inc. has a 52 week low of $47.26 and a 52 week high of $69.31. The company has a market cap of $4.00 billion, a P/E ratio of -647.10, a PEG ratio of 11.55 and a beta of 0.86.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The company had revenue of $155.73 million during the quarter, compared to the consensus estimate of $154.24 million. As a group, analysts anticipate that BlackLine, Inc. will post 1.02 EPS for the current year.

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.