California State Teachers Retirement System Sells 901 Shares of BlackLine, Inc. (NASDAQ:BL)

Posted by Defense World Staff on Aug 22nd, 2023

California State Teachers Retirement System decreased its position in BlackLine, Inc. (NASDAQ:BL – Free Report) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,440 shares of the technology company’s stock after selling 901 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of BlackLine worth $4,730,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of BlackLine by 79.5% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 508 shares of the technology company’s stock worth $33,000 after acquiring an additional 225 shares in the last quarter. HighMark Wealth Management LLC bought a new position in BlackLine during the first quarter valued at about $72,000. Benjamin Edwards Inc. grew its position in BlackLine by 18.6% during the fourth quarter. Benjamin Edwards Inc. now owns 1,207 shares of the technology company’s stock valued at $81,000 after buying an additional 189 shares during the period. Allspring Global Investments Holdings LLC grew its position in BlackLine by 215.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,827 shares of the technology company’s stock valued at $123,000 after buying an additional 1,248 shares during the period. Finally, FNY Investment Advisers LLC grew its position in BlackLine by 300.0% during the first quarter. FNY Investment Advisers LLC now owns 2,000 shares of the technology company’s stock valued at $134,000 after buying an additional 1,500 shares during the period. Institutional investors own 99.08% of the company’s stock.

Insider Activity at BlackLine

In related news, CRO Mark Woodhams sold 558 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $52.00, for a total value of $29,016.00. Following the sale, the executive now directly owns 94,083 shares of the company’s stock, valued at $4,892,316. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.93% of the stock is currently owned by insiders.

BlackLine Trading Down 0.2 %

Shares of BL opened at $51.98 on Tuesday. The firm’s 50 day simple moving average is $54.19 and its 200 day simple moving average is $58.92. The company has a market capitalization of $3.17 billion, a P/E ratio of -67.51, a P/E/G ratio of 3.36 and a beta of 0.89. The company has a debt-to-equity ratio of 7.87, a current ratio of 3.62 and a quick ratio of 3.62. BlackLine, Inc. has a 1-year low of $48.22 and a 1-year high of $77.90.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. StockNews.com initiated coverage on shares of BlackLine in a research report on Thursday, August 17th. They set a “hold” rating for the company. JPMorgan Chase & Co. dropped their price objective on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 9th. Truist Financial dropped their price objective on shares of BlackLine from $65.00 to $60.00 in a report on Monday, May 8th. Piper Sandler dropped their price objective on shares of BlackLine from $55.00 to $53.00 and set a “neutral” rating on the stock in a report on Wednesday, August 9th. Finally, Robert W. Baird dropped their price objective on shares of BlackLine from $82.00 to $64.00 in a report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, BlackLine presently has an average rating of “Hold” and a consensus price target of $61.33.

View Our Latest Report on BlackLine

BlackLine Profile

(Free Report)

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 high volumes of individual transactions; and task management to create and manage processes and task lists.