Bank of New York Mellon Corp Sells 222,084 Shares of BlackLine, Inc. (NASDAQ:BL)

Bank of New York Mellon Corp lessened its stake in BlackLine, Inc. (NASDAQ:BL) by 28.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 558,997 shares of the technology company’s stock after selling 222,084 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.89% of BlackLine worth $33,965,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Principal Financial Group Inc. lifted its stake in BlackLine by 13.6% during the third 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 last quarter. Icon Wealth Advisors LLC boosted its position in shares of BlackLine by 307.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares in the last quarter. Victory Capital Management Inc. lifted its position in BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares in the last quarter. Weiss Asset Management LP bought a new position in BlackLine in the 3rd quarter valued at approximately $1,506,000. Finally, Eagle Asset Management Inc. lifted its holdings in shares of BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after buying an additional 86,931 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Price Performance

Shares of NASDAQ BL opened at $48.88 on Friday. The firm has a market capitalization of $3.07 billion, a PE ratio of 33.71, a P/E/G ratio of 10.80 and a beta of 1.03. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The business’s fifty day moving average price is $56.91 and its two-hundred day moving average price is $56.76.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. On average, research analysts expect that BlackLine, Inc. will post 0.9 EPS for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 9.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, February 12th. Citigroup decreased their price objective on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. JMP Securities reissued a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Finally, Piper Sandler cut their price target on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $66.40.

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.