Public Sector Pension Investment Board Decreases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Public Sector Pension Investment Board trimmed its position in shares of BlackLine, Inc. (NASDAQ:BL) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 109,472 shares of the technology company’s stock after selling 3,400 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.18% of BlackLine worth $6,036,000 as of its most recent filing with the SEC.

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

Insiders Place Their Bets

In other BlackLine 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 transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on BL. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. JPMorgan Chase & Co. raised their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, BTIG Research lowered their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $64.10.

BlackLine Price Performance

BlackLine stock opened at $62.01 on Friday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company’s 50 day moving average is $57.37 and its two-hundred day moving average is $51.83. The firm has a market cap of $3.87 billion, a PE ratio of 63.28, a price-to-earnings-growth ratio of 14.53 and a beta of 0.90.

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.