BlackLine, Inc. (NASDAQ:BL) Shares Purchased by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC boosted its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 307.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,452 shares of the technology company’s stock after buying an additional 12,415 shares during the quarter. Icon Wealth Advisors LLC’s holdings in BlackLine were worth $907,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eagle Asset Management Inc. lifted its stake in shares of BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after buying an additional 86,931 shares during the period. Charles Schwab Investment Management Inc. raised its stake in BlackLine by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock worth $27,307,000 after acquiring an additional 20,027 shares during the last quarter. Intech Investment Management LLC acquired a new stake in BlackLine during the 3rd quarter worth about $818,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in BlackLine by 214.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 128,149 shares of the technology company’s stock valued at $7,066,000 after purchasing an additional 87,431 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in BlackLine during the 3rd quarter valued at about $485,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction dated 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 owns 226,844 shares in the company, valued at $12,022,732. This represents a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is owned by corporate insiders.

BlackLine Price Performance

NASDAQ:BL opened at $62.70 on Friday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The stock’s 50-day moving average price is $56.00 and its 200-day moving average price is $51.74. The stock has a market capitalization of $3.92 billion, a PE ratio of 63.98, a price-to-earnings-growth ratio of 13.54 and a beta of 0.90.

Wall Street Analysts Forecast Growth

BL has been the subject of a number of research reports. Robert W. Baird decreased their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. BTIG Research cut their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial boosted their target price on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, JMP Securities increased their price target on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday. Two equities 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 MarketBeat, BlackLine presently has an average rating of “Hold” and an average target price of $64.10.

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