Citigroup Inc. Sells 722,669 Shares of BlackLine, Inc. (NASDAQ:BL)

Citigroup Inc. reduced its position in BlackLine, Inc. (NASDAQ:BL) by 89.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,191 shares of the technology company’s stock after selling 722,669 shares during the quarter. Citigroup Inc. owned approximately 0.14% of BlackLine worth $4,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BL. Quarry LP purchased a new stake in BlackLine during the second quarter valued at approximately $32,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd grew its holdings in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after acquiring an additional 337 shares in the last quarter. Fifth Third Bancorp raised its stake in BlackLine by 13.0% in 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 bought a new stake in shares of BlackLine in the 2nd quarter valued at about $145,000. 95.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of the business’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 value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. The trade was a 27.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 113,865 shares in the company, valued at approximately $6,838,731.90. This trade represents a 19.21 % 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 valued at $7,488,826. 9.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BL shares. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. JMP Securities boosted their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Piper Sandler restated a “neutral” rating and set a $60.00 price target on shares of BlackLine in a report on Wednesday, November 20th. Finally, Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $64.10.

BlackLine Stock Up 0.6 %

BlackLine stock opened at $62.37 on Tuesday. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a 50 day moving average of $57.59 and a two-hundred day moving average of $51.80. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of 63.64, a PEG ratio of 14.56 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.