Squarepoint Ops LLC Cuts Stake in BlackLine, Inc. (NASDAQ:BL)

Squarepoint Ops LLC reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 35.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,171 shares of the technology company’s stock after selling 84,976 shares during the quarter. Squarepoint Ops LLC owned about 0.25% of BlackLine worth $9,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BL. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after purchasing an additional 354,784 shares in the last quarter. Topline Capital Management LLC purchased a new position in shares of BlackLine in the fourth quarter valued at $60,572,000. American Century Companies Inc. grew its holdings in shares of BlackLine by 12,538.0% in the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock valued at $54,481,000 after purchasing an additional 889,570 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of BlackLine by 38.8% in the fourth quarter. Brown Advisory Inc. now owns 783,437 shares of the technology company’s stock valued at $47,602,000 after purchasing an additional 218,976 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of BlackLine by 14.9% in the fourth quarter. Northern Trust Corp now owns 745,397 shares of the technology company’s stock valued at $45,290,000 after purchasing an additional 96,523 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BL has been the subject of a number of analyst reports. Truist Financial raised their price target on BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Morgan Stanley lowered their price target on BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Piper Sandler raised their price target on BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. DA Davidson decreased their target price on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Citigroup decreased their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.75.

BlackLine Stock Performance

BL stock opened at $54.16 on Friday. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The business has a 50-day moving average price of $48.74 and a 200 day moving average price of $55.05. The company has a market capitalization of $3.38 billion, a P/E ratio of 37.35, a PEG ratio of 10.80 and a beta of 0.94. BlackLine, Inc. has a 1-year low of $40.82 and a 1-year high of $66.25.

Insider Activity at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total value of $101,430.40. Following the completion of the transaction, the executive now directly owns 61,390 shares in the company, valued at approximately $3,354,963.50. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.60% of the stock is currently owned by corporate insiders.

BlackLine 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.