Illinois Municipal Retirement Fund Cuts Stock Position in BlackLine, Inc. (NASDAQ:BL)

Illinois Municipal Retirement Fund cut its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,261 shares of the technology company’s stock after selling 676 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in BlackLine were worth $1,596,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC boosted its stake in BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after buying an additional 200 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of BlackLine by 19.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after acquiring an additional 209 shares during the last quarter. Tidal Investments LLC grew its stake in BlackLine by 1.6% during the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after acquiring an additional 219 shares in the last quarter. Finally, Covestor Ltd increased its holdings in BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares during the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley increased their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler dropped their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Citigroup decreased their price objective on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Finally, Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Performance

NASDAQ:BL opened at $48.30 on Friday. The firm has a market capitalization of $3.03 billion, a PE ratio of 33.31, a PEG ratio of 10.80 and a beta of 0.92. The stock’s fifty day moving average is $58.59 and its 200 day moving average is $56.91. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. On average, sell-side analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the transaction, the executive now directly owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.93% of the stock is owned by insiders.

BlackLine Company Profile

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.