ICONIQ Capital LLC cut its holdings in shares of Blackline Inc (NASDAQ:BL) by 50.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,354,153 shares of the technology company’s stock after selling 2,350,284 shares during the quarter. Blackline comprises approximately 7.8% of ICONIQ Capital LLC’s investment portfolio, making the stock its 4th biggest position. ICONIQ Capital LLC’s holdings in Blackline were worth $125,971,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in BL. Icon Wealth Partners LLC acquired a new stake in Blackline in the 1st quarter valued at about $34,000. Aperio Group LLC acquired a new stake in Blackline in the 2nd quarter valued at about $38,000. Tompkins Financial Corp acquired a new stake in Blackline in the 2nd quarter valued at about $40,000. FTB Advisors Inc. raised its position in Blackline by 65.3% in the 2nd quarter. FTB Advisors Inc. now owns 911 shares of the technology company’s stock valued at $48,000 after purchasing an additional 360 shares in the last quarter. Finally, Captrust Financial Advisors raised its position in Blackline by 183.0% in the 2nd quarter. Captrust Financial Advisors now owns 1,016 shares of the technology company’s stock valued at $54,000 after purchasing an additional 657 shares in the last quarter. Institutional investors and hedge funds own 83.94% of the company’s stock.
Shares of BL stock traded down $1.22 during midday trading on Friday, hitting $48.62. The company had a trading volume of 601,269 shares, compared to its average volume of 538,345. The company’s 50 day simple moving average is $51.11 and its 200 day simple moving average is $49.63. Blackline Inc has a 52-week low of $34.01 and a 52-week high of $58.11. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -187.00 and a beta of 0.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35.
In related news, CFO Mark Partin sold 10,000 shares of Blackline stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $50.99, for a total value of $509,900.00. Following the sale, the chief financial officer now directly owns 64,294 shares in the company, valued at $3,278,351.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 50,000 shares of company stock worth $2,686,100 over the last quarter. Company insiders own 15.77% of the company’s stock.
Several equities research analysts have recently weighed in on the company. KeyCorp raised their target price on Blackline from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. ValuEngine downgraded Blackline from a “buy” rating to a “hold” rating in a research note on Wednesday, July 31st. BidaskClub upgraded Blackline from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Goldman Sachs Group downgraded Blackline from a “buy” rating to a “sell” rating and dropped their price target for the stock from $57.00 to $41.00 in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research downgraded Blackline from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $53.00.
BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.
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