Insider Selling: BlackLine, Inc. (NASDAQ:BL) CRO Sells 24,408 Shares of Stock

BlackLine, Inc. (NASDAQ:BL) CRO Mark Woodhams sold 24,408 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

BlackLine Stock Down 0.7 %

Shares of NASDAQ:BL opened at $64.46 on Wednesday. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 65.71, a PEG ratio of 15.18 and a beta of 0.90. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The business has a 50-day moving average price of $59.69 and a 200 day moving average price of $52.67. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Analysts Set New Price Targets

A number of research analysts have weighed in on BL shares. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Morgan Stanley raised their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Citigroup boosted their price objective on BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Finally, Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $66.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in shares of BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after buying an additional 219 shares in the last quarter. Fifth Third Bancorp grew its position in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after acquiring an additional 266 shares in the last quarter. Arizona State Retirement System increased its stake in BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after purchasing an additional 325 shares during the period. Covestor Ltd lifted its position in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of BlackLine by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock valued at $1,250,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.