Shell Asset Management Co. Lowers Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Posted by on Mar 2nd, 2023

Shell Asset Management Co. trimmed its position in BlackLine, Inc. (NASDAQ:BL – Get Rating) by 20.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,350 shares of the technology company’s stock after selling 617 shares during the quarter. Shell Asset Management Co.’s holdings in BlackLine were worth $141,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sentry Investment Management LLC purchased a new stake in shares of BlackLine in the third quarter worth about $40,000. Assetmark Inc. raised its stake in BlackLine by 363.1% in the second quarter. Assetmark Inc. now owns 1,116 shares of the technology company’s stock valued at $74,000 after purchasing an additional 875 shares in the last quarter. Quadrant Capital Group LLC raised its stake in BlackLine by 254.2% in the second quarter. Quadrant Capital Group LLC now owns 1,222 shares of the technology company’s stock valued at $81,000 after purchasing an additional 877 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in BlackLine by 292.3% in the second quarter. Nisa Investment Advisors LLC now owns 1,530 shares of the technology company’s stock valued at $102,000 after purchasing an additional 1,140 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in BlackLine by 43.1% in the first quarter. Advisors Asset Management Inc. now owns 1,950 shares of the technology company’s stock valued at $143,000 after purchasing an additional 587 shares in the last quarter. 99.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BL. StockNews.com raised shares of BlackLine from a “sell” rating to a “hold” rating in a research note on Wednesday, January 18th. Robert W. Baird raised their target price on shares of BlackLine from $72.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, February 15th. Truist Financial raised their target price on shares of BlackLine from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, February 15th. Citigroup raised their target price on shares of BlackLine from $63.00 to $65.00 and gave the company a “sell” rating in a research note on Wednesday, February 15th. Finally, BMO Capital Markets reduced their price target on shares of BlackLine from $76.00 to $71.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 15th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $70.67.

Insider Transactions at BlackLine

In other news, Director Thomas Unterman sold 448 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $68.31, for a total value of $30,602.88. Following the transaction, the director now owns 52,583 shares in the company, valued at $3,591,944.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Marc Huffman sold 19,650 shares of BlackLine stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $70.85, for a total value of $1,392,202.50. Following the sale, the chief executive officer now owns 304,516 shares in the company, valued at $21,574,958.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas Unterman sold 448 shares of BlackLine stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $68.31, for a total transaction of $30,602.88. Following the completion of the sale, the director now owns 52,583 shares in the company, valued at approximately $3,591,944.73. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,275 shares of company stock worth $4,317,716. Insiders own 9.71% of the company’s stock.

BlackLine Stock Up 1.3 %

Shares of BlackLine stock opened at $69.22 on Thursday. The company has a debt-to-equity ratio of 12.38, a quick ratio of 3.40 and a current ratio of 3.40. BlackLine, Inc. has a 52-week low of $48.73 and a 52-week high of $79.23. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -135.73 and a beta of 0.81. The company’s 50 day moving average price is $70.21 and its 200-day moving average price is $65.94.

BlackLine Profile

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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.

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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