Icon Wealth Advisors LLC Increases Stake in BlackLine, Inc. (NASDAQ:BL)

Icon Wealth Advisors LLC grew its holdings in BlackLine, Inc. (NASDAQ:BL) by 307.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,452 shares of the technology company’s stock after acquiring an additional 12,415 shares during the period. Icon Wealth Advisors LLC’s holdings in BlackLine were worth $907,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new stake in BlackLine in the 2nd quarter worth approximately $32,000. EntryPoint Capital LLC bought a new position in shares of BlackLine in the first quarter worth approximately $36,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine in the second quarter worth $64,000. Covestor Ltd raised its position in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

BL stock opened at $62.70 on Friday. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 63.98, a PEG ratio of 13.54 and a beta of 0.90. The business’s fifty day simple moving average is $56.00 and its two-hundred day simple moving average is $51.74. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Activity

In related news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 5,773 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total transaction of $318,323.22. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,278,516.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,108 shares of company stock valued at $7,488,826. Corporate insiders own 9.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BL. Morgan Stanley upped their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Robert W. Baird cut their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Truist Financial boosted 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. JPMorgan Chase & Co. raised their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $60.00 target price on shares of BlackLine in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $64.10.

About BlackLine

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.