Assenagon Asset Management S.A. Reduces Stock Position in BlackLine, Inc. (NASDAQ:BL)

Assenagon Asset Management S.A. decreased its holdings in BlackLine, Inc. (NASDAQ:BL) by 76.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,899 shares of the technology company’s stock after selling 172,045 shares during the period. Assenagon Asset Management S.A. owned about 0.08% of BlackLine worth $3,214,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. increased its holdings in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares during the period. Point72 DIFC Ltd bought a new stake in shares of BlackLine in the second quarter valued at about $537,000. Icon Wealth Advisors LLC lifted its stake in BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after acquiring an additional 12,415 shares during the period. Susquehanna Fundamental Investments LLC grew its holdings in BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after acquiring an additional 73,362 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares during the period. 95.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on 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 sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 9.53% of the stock is currently owned by corporate insiders.

BlackLine Stock Performance

NASDAQ:BL opened at $61.20 on Wednesday. The company has a market cap of $3.82 billion, a P/E ratio of 62.45, a P/E/G ratio of 13.51 and a beta of 0.91. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company’s 50-day moving average price is $61.23 and its 200-day moving average price is $55.06. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Analyst Ratings Changes

Several research analysts have recently commented on BL shares. Morgan Stanley boosted their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised 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. Citigroup upgraded shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday, January 16th. JMP Securities restated a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Finally, Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $66.00.

BlackLine Company Profile

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.