HighTower Advisors LLC Has $347,000 Stock Position in BlackLine, Inc. (NASDAQ:BL)

HighTower Advisors LLC reduced its position in BlackLine, Inc. (NASDAQ:BL) by 99.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,314 shares of the technology company’s stock after selling 1,128,835 shares during the period. HighTower Advisors LLC’s holdings in BlackLine were worth $347,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp increased its holdings 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 during the last quarter. Arizona State Retirement System increased 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 worth $709,000 after purchasing an additional 325 shares during the last quarter. Covestor Ltd increased its stake in shares of 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 purchasing an additional 337 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of BlackLine by 2.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock valued at $1,250,000 after purchasing an additional 600 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of BlackLine in the 2nd quarter valued at $32,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BL shares. Piper Sandler restated a “neutral” rating and set a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Morgan Stanley boosted their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. JPMorgan Chase & Co. increased their price target on 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 objective on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Finally, Truist Financial lifted their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $66.00.

BlackLine Stock Up 1.5 %

BL stock opened at $63.43 on Monday. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market cap of $3.96 billion, a PE ratio of 64.72, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. The business’s 50-day simple moving average is $60.34 and its 200 day simple moving average is $53.11.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,262,575. This represents a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction 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 transaction, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,516 shares of company stock worth $9,058,748 over the last 90 days. Corporate insiders own 9.93% of the company’s stock.

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.