Chicago Capital LLC Decreases Stake in BlackLine (NASDAQ:BL)

Chicago Capital LLC lowered its position in BlackLine (NASDAQ:BL) by 1.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,746 shares of the technology company’s stock after selling 432 shares during the period. Chicago Capital LLC’s holdings in BlackLine were worth $1,392,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings in BlackLine by 4.9% in the fourth quarter. Principal Financial Group Inc. now owns 305,031 shares of the technology company’s stock valued at $18,534,000 after acquiring an additional 14,256 shares during the last quarter. Sei Investments Co. increased its holdings in shares of BlackLine by 6.2% in the 4th quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock valued at $8,955,000 after acquiring an additional 8,558 shares during the last quarter. Bridgewater Associates LP bought a new stake in shares of BlackLine during the 4th quarter valued at about $244,000. Deutsche Bank AG increased its position in BlackLine by 59.2% in the fourth quarter. Deutsche Bank AG now owns 53,811 shares of the technology company’s stock worth $3,270,000 after buying an additional 20,008 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of BlackLine by 62.9% during the fourth quarter. Wells Fargo & Company MN now owns 96,597 shares of the technology company’s stock valued at $5,869,000 after buying an additional 37,285 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BL shares. Wall Street Zen lowered BlackLine from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. DA Davidson reduced their price target on BlackLine from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald assumed coverage on BlackLine in a research note on Tuesday, June 3rd. They issued a “neutral” rating and a $58.00 price target for the company. Piper Sandler lifted their price objective on shares of BlackLine from $46.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. Finally, The Goldman Sachs Group reduced their price objective on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating for the company in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $60.54.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the business’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the sale, the executive now directly owns 61,390 shares of the company’s stock, valued at $3,354,963.50. The trade was a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michelle D. Stalick sold 795 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the completion of the sale, the chief accounting officer now owns 25,235 shares of the company’s stock, valued at $1,391,457.90. The trade was a 3.05% decrease in their position. The disclosure for this sale can be found here. Insiders own 8.60% of the company’s stock.

BlackLine Stock Performance

Shares of BL opened at $54.98 on Wednesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. The firm’s 50 day moving average is $51.56 and its 200-day moving average is $54.45. BlackLine has a 12-month low of $40.82 and a 12-month high of $66.25. The stock has a market capitalization of $3.43 billion, a P/E ratio of 39.84, a P/E/G ratio of 9.16 and a beta of 0.94.

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.