Sanctuary Advisors LLC Reduces Holdings in BlackLine, Inc. (NASDAQ:BL)

Sanctuary Advisors LLC reduced its position in BlackLine, Inc. (NASDAQ:BL) by 19.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,641 shares of the technology company’s stock after selling 900 shares during the quarter. Sanctuary Advisors LLC’s holdings in BlackLine were worth $201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of BlackLine by 1.3% in the third quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock valued at $284,152,000 after purchasing an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC boosted its position in shares of BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Geode Capital Management LLC raised its stake in BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after purchasing an additional 3,498 shares during the period. Geneva Capital Management LLC increased its holdings in shares of BlackLine by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after buying an additional 24,446 shares during the last quarter. Finally, Engaged Capital LLC purchased a new stake in shares of BlackLine during the 3rd quarter valued at approximately $33,620,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

BL has been the subject of several research analyst reports. JPMorgan Chase & Co. increased 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. JMP Securities lifted their price objective on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Morgan Stanley increased their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Piper Sandler reissued a “neutral” rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Finally, 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, November 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Stock Down 2.1 %

Shares of NASDAQ BL opened at $61.20 on Monday. The firm’s 50-day moving average is $60.74 and its two-hundred day moving average is $53.67. The company has a market capitalization of $3.82 billion, a PE ratio of 62.45, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. The trade was a 19.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The stock was 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. This trade represents a 25.08 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,560 shares of company stock valued at $3,531,114. Insiders own 9.93% of the company’s stock.

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.