JPMorgan Chase & Co. cut its stake in Blackline Inc (NYSE:BL) by 1.9% during the first quarter, Holdings Channel reports. The fund owned 45,222 shares of the technology company’s stock after selling 894 shares during the period. JPMorgan Chase & Co.’s holdings in Blackline were worth $1,347,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN increased its position in Blackline by 346.5% in the first quarter. Wells Fargo & Company MN now owns 271,726 shares of the technology company’s stock valued at $8,086,000 after buying an additional 210,875 shares during the last quarter. State Street Corp acquired a new position in Blackline during the fourth quarter valued at $2,968,000. Ameriprise Financial Inc. increased its position in Blackline by 78.6% in the first quarter. Ameriprise Financial Inc. now owns 85,758 shares of the technology company’s stock valued at $2,552,000 after buying an additional 37,731 shares during the last quarter. Eagle Asset Management Inc. acquired a new position in Blackline during the first quarter valued at $1,525,000. Finally, Norges Bank acquired a new position in Blackline during the fourth quarter valued at $1,105,000.
Shares of Blackline Inc (NYSE:BL) opened at 37.64 on Friday. Blackline Inc has a 12-month low of $21.66 and a 12-month high of $38.83. The stock’s market cap is $1.93 billion. The company’s 50-day moving average price is $35.87 and its 200 day moving average price is $31.20.
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BL has been the subject of several recent analyst reports. Vetr upgraded Blackline from a “buy” rating to a “strong-buy” rating and set a $36.70 price target for the company in a research note on Monday, April 24th. JMP Securities initiated coverage on Blackline in a research note on Monday, June 26th. They issued a “market perform” rating for the company. William Blair restated an “outperform” rating on shares of Blackline in a research note on Monday, May 8th. Zacks Investment Research upgraded Blackline from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Friday, May 26th. Finally, SunTrust Banks, Inc. initiated coverage on Blackline in a research note on Monday, June 26th. They issued a “buy” rating and a $43.00 price target for the company. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $35.62.
In other Blackline news, insider Mario Spanicciati sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $33.98, for a total transaction of $849,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 148,250 shares of company stock worth $5,093,980 over the last ninety days.
Blackline Company Profile
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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