Stifel Financial Corp Sells 93,555 Shares of BlackLine, Inc. (NASDAQ:BL)

Stifel Financial Corp decreased its holdings in BlackLine, Inc. (NASDAQ:BL) by 95.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,096 shares of the technology company’s stock after selling 93,555 shares during the period. Stifel Financial Corp’s holdings in BlackLine were worth $226,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in shares of BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after purchasing an additional 325 shares in the last quarter. Covestor Ltd increased its stake in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares in the last quarter. Quarry LP bought a new stake in shares of BlackLine during the second quarter valued at approximately $32,000. Wrapmanager Inc. increased its holdings in shares of BlackLine by 17.2% in the 2nd quarter. Wrapmanager Inc. now owns 4,899 shares of the technology company’s stock worth $237,000 after purchasing an additional 719 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in BlackLine by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,072 shares of the technology company’s stock worth $6,566,000 after buying an additional 753 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Down 2.1 %

Shares of NASDAQ:BL opened at $61.20 on Monday. The business has a 50 day simple moving average of $60.74 and a two-hundred day simple moving average of $53.67. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market capitalization of $3.82 billion, a PE ratio of 62.45, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90.

Insiders Place Their Bets

In other news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,560 shares of company stock worth $3,531,114 over the last quarter. Company insiders own 9.93% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the topic of several research analyst reports. JMP Securities increased their price target on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Citigroup lifted their price target on shares of BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $66.00.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.