272 Capital LP raised its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 30.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,437 shares of the technology company's stock after acquiring an additional 16,107 shares during the period. BlackLine makes up 2.0% of 272 Capital LP's portfolio, making the stock its 18th biggest position. 272 Capital LP owned approximately 0.11% of BlackLine worth $3,774,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP bought a new stake in BlackLine during the 2nd quarter valued at about $32,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine during the 2nd quarter valued at $64,000. Covestor Ltd boosted its position in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after buying an additional 337 shares during the last quarter. Fifth Third Bancorp boosted its position 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 buying an additional 266 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in BlackLine in the 2nd quarter worth about $145,000. 95.13% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently commented on BL. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research note on Friday, October 25th. Morgan Stanley boosted their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Truist Financial raised their price target on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. JMP Securities raised their target price on BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a research report on Friday, November 22nd. Finally, Piper Sandler reiterated a "neutral" rating and issued a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, BlackLine currently has a consensus rating of "Hold" and a consensus target price of $64.10.
Check Out Our Latest Analysis on BL
Insider Transactions at BlackLine
In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the business's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 134,108 shares of company stock valued at $7,488,826. 9.93% of the stock is currently owned by corporate insiders.
BlackLine Price Performance
Shares of BlackLine stock traded down $0.94 during trading hours on Friday, hitting $63.86. The company's stock had a trading volume of 465,511 shares, compared to its average volume of 860,683. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The business has a 50 day moving average price of $59.48 and a two-hundred day moving average price of $52.49. The company has a market cap of $3.99 billion, a PE ratio of 65.16, a PEG ratio of 15.18 and a beta of 0.90.
About BlackLine
(
Free Report)
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.
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