Glenmede Trust Co. NA Raises Stake in BlackLine, Inc. (NASDAQ:BL)

Glenmede Trust Co. NA boosted its holdings in BlackLine, Inc. (NASDAQ:BL) by 21.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 17,801 shares of the technology company’s stock after buying an additional 3,151 shares during the period. Glenmede Trust Co. NA’s holdings in BlackLine were worth $982,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BL. Quarry LP purchased a new stake in shares of BlackLine in the second quarter worth about $32,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd grew its position in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of BlackLine during the second quarter worth $145,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

BL has been the subject of a number of recent analyst reports. Truist Financial lifted their price target on shares of 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 target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler restated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. JPMorgan Chase & Co. upped their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Finally, JMP Securities increased their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $64.10.

Insider Buying and Selling

In other news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This trade represents a 27.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,108 shares of company stock valued at $7,488,826. Insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

Shares of BL stock opened at $62.37 on Tuesday. The company has a market cap of $3.90 billion, a P/E ratio of 63.64, a PEG ratio of 14.56 and a beta of 0.90. The business has a 50 day moving average of $57.59 and a two-hundred day moving average of $51.80. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

BlackLine Profile

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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.