Riverbridge Partners LLC Sells 95,918 Shares of BlackLine, Inc. (NASDAQ:BL)

Riverbridge Partners LLC cut its holdings in BlackLine, Inc. (NASDAQ:BL) by 7.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,176,641 shares of the technology company’s stock after selling 95,918 shares during the quarter. Riverbridge Partners LLC owned 1.88% of BlackLine worth $71,493,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BL. Engaged Capital LLC bought a new position in BlackLine during the third quarter valued at approximately $33,620,000. JPMorgan Chase & Co. boosted its stake in shares of BlackLine by 35.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the period. Squarepoint Ops LLC purchased a new stake in BlackLine during the second quarter valued at $15,128,000. Finally, Dimensional Fund Advisors LP lifted its holdings in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after acquiring an additional 229,151 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Price Performance

BL stock opened at $59.70 on Thursday. The stock has a market cap of $3.73 billion, a PE ratio of 60.92, a P/E/G ratio of 13.86 and a beta of 0.91. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a 50-day moving average price of $61.17 and a 200 day moving average price of $55.18. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction 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 approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BL. Citigroup upgraded 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. Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target for the company. in a research report on Monday, January 6th. Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial boosted their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine presently 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.