The Manufacturers Life Insurance Company Has $1.66 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

The Manufacturers Life Insurance Company lessened its holdings in BlackLine, Inc. (NASDAQ:BL) by 5.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,080 shares of the technology company’s stock after selling 1,697 shares during the period. The Manufacturers Life Insurance Company’s holdings in BlackLine were worth $1,659,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Cetera Investment Advisers bought a new stake in BlackLine in the 1st quarter valued at about $1,572,000. Raymond James & Associates boosted its position in BlackLine by 3.3% during the second quarter. Raymond James & Associates now owns 69,139 shares of the technology company’s stock valued at $3,350,000 after buying an additional 2,194 shares during the period. Fifth Third Bancorp boosted its stake in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of BlackLine in the second quarter valued at about $64,000. Finally, Louisiana State Employees Retirement System lifted its holdings in BlackLine by 2.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock worth $1,250,000 after buying an additional 600 shares during the period. Institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. This represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock worth $7,488,826 over the last three months. Insiders own 9.53% of the company’s stock.

Analysts Set New Price Targets

BL has been the subject of several recent research reports. JMP Securities lifted their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. raised 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. Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler restated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $64.10.

BlackLine Stock Down 1.2 %

Shares of NASDAQ BL opened at $63.43 on Tuesday. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The stock has a market cap of $3.96 billion, a PE ratio of 64.72, a P/E/G ratio of 15.08 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a 50-day moving average of $58.69 and a 200 day moving average of $52.12.

BlackLine Company Profile

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.