Raymond James Trust N.A. Decreases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Raymond James Trust N.A. decreased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 4.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,900 shares of the technology company’s stock after selling 300 shares during the quarter. Raymond James Trust N.A.’s holdings in BlackLine were worth $380,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. American International Group Inc. lifted its position in shares of BlackLine by 7.5% during the 1st quarter. American International Group Inc. now owns 30,440 shares of the technology company’s stock worth $1,966,000 after purchasing an additional 2,117 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of BlackLine during the 1st quarter worth approximately $36,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of BlackLine by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,216 shares of the technology company’s stock valued at $1,952,000 after buying an additional 2,106 shares in the last quarter. Comerica Bank grew its position in shares of BlackLine by 11.8% in the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after buying an additional 13,066 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new stake in BlackLine during the 1st quarter worth $1,572,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling

In other news, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,108 shares of company stock valued at $7,488,826. Insiders own 9.53% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the topic of several research reports. JMP Securities raised their price objective on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. BTIG Research dropped their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley increased their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial lifted their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, BlackLine presently has a consensus rating of “Hold” and an average price target of $64.10.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $63.07 on Wednesday. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a 50-day simple moving average of $56.51 and a 200-day simple moving average of $51.67. The company has a market cap of $3.94 billion, a PE ratio of 64.05, a price-to-earnings-growth ratio of 14.72 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

About BlackLine

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.