Nuveen Asset Management LLC reduced its stake in BlackLine, Inc. (NASDAQ:BL – Get Rating) by 98.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 408,551 shares of the technology company’s stock after selling 20,028,046 shares during the quarter. Nuveen Asset Management LLC owned 0.68% of BlackLine worth $24,472,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FORA Capital LLC acquired a new stake in shares of BlackLine in the 3rd quarter valued at approximately $249,000. Greenstone Partners & Co. LLC lifted its holdings in shares of BlackLine by 9.8% in the 3rd quarter. Greenstone Partners & Co. LLC now owns 163,220 shares of the technology company’s stock valued at $9,777,000 after buying an additional 14,600 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of BlackLine by 5.4% in the 3rd quarter. MetLife Investment Management LLC now owns 30,175 shares of the technology company’s stock valued at $1,807,000 after buying an additional 1,548 shares during the period. Brown Advisory Inc. lifted its holdings in shares of BlackLine by 0.4% in the 3rd quarter. Brown Advisory Inc. now owns 1,528,181 shares of the technology company’s stock valued at $91,538,000 after buying an additional 6,727 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of BlackLine by 31.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 21,822 shares of the technology company’s stock valued at $1,307,000 after buying an additional 5,213 shares during the period. 99.96% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, Director Thomas Unterman sold 448 shares of BlackLine stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $68.31, for a total value of $30,602.88. Following the completion of the sale, the director now owns 52,583 shares of the company’s stock, valued at $3,591,944.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other BlackLine news, CFO Mark Partin sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $69.16, for a total transaction of $691,600.00. Following the completion of the sale, the chief financial officer now owns 164,539 shares of the company’s stock, valued at $11,379,517.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas Unterman sold 448 shares of the business’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $68.31, for a total value of $30,602.88. Following the sale, the director now directly owns 52,583 shares of the company’s stock, valued at approximately $3,591,944.73. The disclosure for this sale can be found here. Insiders sold a total of 61,275 shares of company stock valued at $4,317,716 over the last quarter. Company insiders own 9.71% of the company’s stock.
BlackLine Stock Performance
Analysts Set New Price Targets
BL has been the subject of several recent analyst reports. BMO Capital Markets reduced their price target on BlackLine from $76.00 to $71.00 and set a “market perform” rating for the company in a report on Wednesday, February 15th. StockNews.com raised BlackLine from a “sell” rating to a “hold” rating in a report on Wednesday, January 18th. Citigroup lifted their price objective on BlackLine from $63.00 to $65.00 and gave the stock a “sell” rating in a report on Wednesday, February 15th. Robert W. Baird lifted their price objective on BlackLine from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, February 15th. Finally, Piper Sandler reduced their price objective on BlackLine from $66.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday, February 15th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, BlackLine currently has an average rating of “Hold” and a consensus target price of $70.67.
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.
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