Amalgamated Bank Sells 464 Shares of BlackLine, Inc. (NASDAQ:BL)

Amalgamated Bank cut its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,411 shares of the technology company’s stock after selling 464 shares during the quarter. Amalgamated Bank’s holdings in BlackLine were worth $850,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. SG Americas Securities LLC increased its stake in BlackLine by 60.4% during the 1st quarter. SG Americas Securities LLC now owns 4,746 shares of the technology company’s stock valued at $306,000 after purchasing an additional 1,787 shares in the last quarter. Swiss National Bank grew its holdings in shares of BlackLine by 0.7% during the first quarter. Swiss National Bank now owns 102,800 shares of the technology company’s stock valued at $6,639,000 after buying an additional 700 shares during the last quarter. ProShare Advisors LLC increased its position in shares of BlackLine by 19.7% during the first quarter. ProShare Advisors LLC now owns 11,917 shares of the technology company’s stock worth $770,000 after acquiring an additional 1,959 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of BlackLine by 11.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 17,944 shares of the technology company’s stock worth $1,205,000 after acquiring an additional 1,850 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after acquiring an additional 642,772 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Performance

Shares of BL stock opened at $60.56 on Friday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.95 and a current ratio of 2.69. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 61.81, a P/E/G ratio of 14.98 and a beta of 0.90. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The firm’s 50-day simple moving average is $54.69 and its two-hundred day simple moving average is $51.69.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 2.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction that occurred on Monday, September 30th. The shares were 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 owns 113,865 shares of the company’s stock, valued at $6,262,575. This represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,495 shares of company stock worth $7,560,534 in the last quarter. Insiders own 9.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on BL. Piper Sandler boosted their price objective on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Robert W. Baird dropped their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Truist Financial upped their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday. Finally, Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $62.60.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.