Edgestream Partners L.P. Lowers Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Edgestream Partners L.P. reduced its position in BlackLine, Inc. (NASDAQ:BL) by 49.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,538 shares of the technology company’s stock after selling 8,196 shares during the quarter. Edgestream Partners L.P.’s holdings in BlackLine were worth $471,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of BlackLine in the second quarter valued at $32,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine in the 2nd quarter valued at about $64,000. Covestor Ltd boosted its stake 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 buying an additional 337 shares during the period. Fifth Third Bancorp grew its position in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of BlackLine during the second quarter worth approximately $145,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Trading Down 0.9 %

BL opened at $62.91 on Friday. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 64.19, a price-to-earnings-growth ratio of 14.74 and a beta of 0.90. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The business’s 50 day moving average is $58.30 and its two-hundred day moving average is $51.99. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Analyst Upgrades and Downgrades

BL has been the subject of a number of recent research reports. JMP Securities lifted their price target on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Morgan Stanley lifted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. lifted their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average target price of $64.10.

Insider Activity

In related news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,108 shares of company stock valued at $7,488,826 in the last ninety days. 9.93% of the stock is currently owned by company insiders.

BlackLine 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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.