BlackLine, Inc. (NASDAQ:BL) CRO Sells $1,569,922.56 in Stock

BlackLine, Inc. (NASDAQ:BL) CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

BlackLine Trading Down 2.7 %

Shares of BL stock opened at $62.72 on Thursday. The stock has a market cap of $3.92 billion, a P/E ratio of 64.00, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a 50 day simple moving average of $59.89 and a 200 day simple moving average of $52.78.

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in shares of BlackLine during the 2nd quarter worth approximately $32,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine during the second quarter worth $64,000. Covestor Ltd boosted its holdings in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of 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 purchasing an additional 266 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of BlackLine during the 2nd quarter worth $145,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BL shares. Citigroup raised their price target on BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday. JPMorgan Chase & Co. raised their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. JMP Securities upped their price target on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Truist Financial raised their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Piper Sandler restated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.00.

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.