Illinois Municipal Retirement Fund Sells 676 Shares of BlackLine, Inc. (NASDAQ:BL)

Illinois Municipal Retirement Fund trimmed its position in BlackLine, Inc. (NASDAQ:BL) by 2.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,261 shares of the technology company’s stock after selling 676 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in BlackLine were worth $1,596,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC increased its holdings in BlackLine by 23.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 37,961 shares of the technology company’s stock valued at $2,307,000 after buying an additional 7,330 shares during the period. Olympiad Research LP bought a new stake in BlackLine during the 4th quarter valued at $202,000. Hardy Reed LLC increased its holdings in shares of BlackLine by 9.5% in the 4th quarter. Hardy Reed LLC now owns 4,843 shares of the technology company’s stock valued at $294,000 after acquiring an additional 420 shares during the period. Handelsbanken Fonder AB raised its position in shares of BlackLine by 21.0% in the 4th quarter. Handelsbanken Fonder AB now owns 489,200 shares of the technology company’s stock worth $29,724,000 after acquiring an additional 84,800 shares in the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in shares of BlackLine during the 4th quarter worth $3,010,000. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BL. Piper Sandler cut their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 12th. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and increased their target price for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Finally, Truist Financial reduced their price target on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $66.40.

BlackLine Price Performance

NASDAQ BL opened at $48.30 on Friday. The stock’s fifty day moving average price is $58.59 and its 200 day moving average price is $56.91. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 10.80 and a beta of 0.92.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. As a group, equities research analysts forecast that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the sale, the executive now directly owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.93% of the stock is currently 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.