Riverbridge Partners LLC Lowers Stock Position in BlackLine (NASDAQ:BL)

Riverbridge Partners LLC lowered its position in shares of BlackLine (NASDAQ:BL) by 8.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,078,004 shares of the technology company’s stock after selling 98,637 shares during the quarter. Riverbridge Partners LLC’s holdings in BlackLine were worth $52,197,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BL. HighTower Advisors LLC boosted its position in shares of BlackLine by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after acquiring an additional 161 shares during the last quarter. Arizona State Retirement System boosted its position in shares of BlackLine by 1.3% during the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock worth $931,000 after acquiring an additional 192 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after acquiring an additional 209 shares during the last quarter. Covestor Ltd boosted its position in shares of BlackLine by 20.1% during the fourth quarter. Covestor Ltd now owns 1,672 shares of the technology company’s stock worth $102,000 after acquiring an additional 280 shares during the last quarter. Finally, Xponance Inc. boosted its position in shares of BlackLine by 9.2% during the fourth quarter. Xponance Inc. now owns 4,142 shares of the technology company’s stock worth $252,000 after acquiring an additional 350 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Trading Down 0.0%

NASDAQ BL opened at $54.96 on Friday. The company’s 50-day moving average price is $51.93 and its 200-day moving average price is $54.40. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.59. The stock has a market cap of $3.43 billion, a PE ratio of 39.83, a PEG ratio of 9.10 and a beta of 0.94. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25.

Insider Transactions at BlackLine

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total transaction of $43,836.30. Following the transaction, the chief accounting officer now directly owns 25,235 shares in the company, valued at $1,391,457.90. This represents a 3.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 1,856 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total transaction of $101,430.40. Following the transaction, the executive now owns 61,390 shares in the company, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler upped their target price on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Wall Street Zen downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Truist Financial upped their price target on shares of BlackLine from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Thursday, May 8th. The Goldman Sachs Group decreased their price target on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, April 17th. Finally, Morgan Stanley reduced their target price on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.54.

BlackLine Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.