Cinctive Capital Management LP Trims Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Cinctive Capital Management LP lowered its position in shares of BlackLine, Inc. (NASDAQ:BL) by 39.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,378 shares of the technology company’s stock after selling 67,842 shares during the quarter. Cinctive Capital Management LP owned about 0.17% of BlackLine worth $5,755,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in BlackLine during the 2nd quarter valued at about $32,000. 1620 Investment Advisors Inc. bought a new stake in BlackLine in the second quarter worth $64,000. Covestor Ltd grew its stake in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after acquiring an additional 337 shares during the last quarter. Fifth Third Bancorp increased its holdings 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 valued at $112,000 after acquiring an additional 266 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of BlackLine in the 2nd quarter worth about $145,000. Institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. JMP Securities boosted their price target on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Truist Financial increased their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. 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 research report on Wednesday, August 7th. Finally, BTIG Research dropped their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Two investment 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 has an average rating of “Hold” and an average target price of $64.10.

BlackLine Stock Performance

NASDAQ BL opened at $62.01 on Monday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market cap of $3.88 billion, a P/E ratio of 63.28, a P/E/G ratio of 14.56 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The business’s 50 day moving average price is $57.37 and its 200-day moving average price is $51.78.

Insider Buying and Selling

In other news, CFO Mark Partin sold 85,308 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,108 shares of company stock valued at $7,488,826. Company insiders own 9.93% of the company’s stock.

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.