Beck Bode LLC trimmed its stake in BlackLine, Inc. (NASDAQ:BL – Free Report) by 10.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,592 shares of the technology company’s stock after selling 2,815 shares during the period. Beck Bode LLC’s holdings in BlackLine were worth $1,328,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. LPL Financial LLC boosted its holdings in shares of BlackLine by 90.9% in the second quarter. LPL Financial LLC now owns 29,944 shares of the technology company’s stock valued at $1,612,000 after acquiring an additional 14,258 shares during the period. Teacher Retirement System of Texas boosted its stake in BlackLine by 16.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,614 shares of the technology company’s stock worth $517,000 after purchasing an additional 1,366 shares during the period. Stratos Wealth Partners LTD. boosted its stake in BlackLine by 2.6% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 10,393 shares of the technology company’s stock worth $559,000 after purchasing an additional 259 shares during the period. Hood River Capital Management LLC acquired a new position in BlackLine in the first quarter valued at $11,485,000. Finally, Lapides Asset Management LLC purchased a new stake in shares of BlackLine in the second quarter valued at about $1,173,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on BL. Truist Financial reissued a “hold” rating and set a $60.00 price target on shares of BlackLine in a report on Tuesday, September 19th. JPMorgan Chase & Co. dropped their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 9th. Citigroup increased their price target on BlackLine from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, September 18th. TheStreet raised shares of BlackLine from a “d+” rating to a “c-” rating in a research note on Friday, September 15th. Finally, BTIG Research cut their price objective on shares of BlackLine from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. 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 data from MarketBeat, BlackLine has an average rating of “Hold” and an average target price of $61.44.
BlackLine Price Performance
Shares of NASDAQ:BL traded down $0.66 on Thursday, reaching $55.42. 30,926 shares of the company were exchanged, compared to its average volume of 589,891. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 5.28. 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 of $53.72 and a 200-day moving average of $53.87. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of -233.67, a price-to-earnings-growth ratio of 1.49 and a beta of 0.83.
Insiders Place Their Bets
In related news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $52.00, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackLine news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now owns 54,470 shares of the company’s stock, valued at $3,268,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $52.00, for a total transaction of $29,016.00. Following the transaction, the executive now directly owns 94,083 shares of the company’s stock, valued at $4,892,316. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by company insiders.
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.
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