Everence Capital Management Inc. Sells 3,810 Shares of BlackLine, Inc. (NASDAQ:BL)

Everence Capital Management Inc. reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 51.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,640 shares of the technology company’s stock after selling 3,810 shares during the period. Everence Capital Management Inc.’s holdings in BlackLine were worth $221,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BL. Rhumbline Advisers boosted its stake in shares of BlackLine by 2.5% in the 2nd quarter. Rhumbline Advisers now owns 156,432 shares of the technology company’s stock valued at $7,579,000 after purchasing an additional 3,857 shares during the last quarter. Arizona State Retirement System boosted its position in BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after acquiring an additional 325 shares during the last quarter. ClariVest Asset Management LLC grew its holdings in BlackLine by 318.2% during the 2nd quarter. ClariVest Asset Management LLC now owns 23,552 shares of the technology company’s stock worth $1,141,000 after acquiring an additional 17,920 shares during the period. Pier Capital LLC raised its position in shares of BlackLine by 9.0% in the 2nd quarter. Pier Capital LLC now owns 149,817 shares of the technology company’s stock worth $7,259,000 after acquiring an additional 12,396 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of BlackLine by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 17,351 shares of the technology company’s stock valued at $841,000 after purchasing an additional 2,520 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

BlackLine Stock Performance

Shares of BL opened at $57.09 on Thursday. The firm has a market capitalization of $3.57 billion, a P/E ratio of 58.26, a P/E/G ratio of 15.18 and a beta of 0.91. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The stock has a 50 day moving average price of $61.16 and a two-hundred day moving average price of $54.41. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Analyst Upgrades and Downgrades

BL has been the subject of several recent analyst reports. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Morgan Stanley lifted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JMP Securities increased their target price on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Piper Sandler downgraded shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target for the company. in a research note on Monday. Finally, JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus target price of $66.00.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their position. The disclosure for this sale can be found here. 9.93% of the stock is owned by 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.