IVY Lane Capital Management LLC Sells 59,000 Shares of BlackLine, Inc. (NASDAQ:BL)

IVY Lane Capital Management LLC lowered its position in shares of BlackLine, Inc. (NASDAQ:BL) by 33.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 117,000 shares of the technology company’s stock after selling 59,000 shares during the quarter. BlackLine makes up approximately 4.6% of IVY Lane Capital Management LLC’s holdings, making the stock its 8th biggest holding. IVY Lane Capital Management LLC owned approximately 0.19% of BlackLine worth $6,297,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its stake in BlackLine by 14.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,251 shares of the technology company’s stock worth $384,000 after purchasing an additional 673 shares during the period. HighTower Advisors LLC raised its stake in BlackLine by 10.0% during the first quarter. HighTower Advisors LLC now owns 12,764 shares of the technology company’s stock worth $935,000 after purchasing an additional 1,163 shares during the period. MetLife Investment Management LLC raised its stake in BlackLine by 54.9% during the first quarter. MetLife Investment Management LLC now owns 28,627 shares of the technology company’s stock worth $2,096,000 after purchasing an additional 10,141 shares during the period. Rhumbline Advisers raised its stake in BlackLine by 1.5% during the first quarter. Rhumbline Advisers now owns 57,983 shares of the technology company’s stock worth $4,246,000 after purchasing an additional 853 shares during the period. Finally, Raymond James Trust N.A. raised its stake in shares of BlackLine by 8.9% in the 1st quarter. Raymond James Trust N.A. now owns 8,478 shares of the technology company’s stock valued at $621,000 after acquiring an additional 691 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $29,016.00. Following the completion of the transaction, the executive now directly owns 94,083 shares of the company’s stock, valued at approximately $4,892,316. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other BlackLine news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $29,016.00. Following the completion of the transaction, the executive now directly owns 94,083 shares of the company’s stock, valued at approximately $4,892,316. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the transaction, the director now directly owns 54,470 shares of the company’s stock, valued at $3,268,200. The disclosure for this sale can be found here. 9.93% of the stock is owned by company insiders.

BlackLine Stock Up 1.0 %

BlackLine stock traded up $0.55 during midday trading on Wednesday, hitting $56.35. 23,015 shares of the stock were exchanged, compared to its average volume of 589,711. The company has a debt-to-equity ratio of 5.28, a quick ratio of 2.18 and a current ratio of 2.18. BlackLine, Inc. has a 1 year low of $47.26 and a 1 year high of $77.90. The company has a 50 day moving average price of $53.72 and a two-hundred day moving average price of $53.87.

Wall Street Analyst Weigh In

BL has been the topic of a number of research reports. Citigroup raised their target price on shares of BlackLine from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, September 18th. StockNews.com initiated coverage on shares of BlackLine in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Morgan Stanley initiated coverage on shares of BlackLine in a research note on Monday, September 18th. They issued an “equal weight” rating on the stock. JPMorgan Chase & Co. cut their target price on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 9th. Finally, TheStreet raised shares of BlackLine from a “d+” rating to a “c-” rating in a research note on Friday, September 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $61.44.

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 high volumes of individual transactions; and task management to create and manage processes and task lists.