Advantage Alpha Capital Partners LP Trims Stock Position in BlackLine, Inc. (NASDAQ:BL)

Advantage Alpha Capital Partners LP trimmed its position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 32.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,359 shares of the technology company's stock after selling 25,135 shares during the quarter. Advantage Alpha Capital Partners LP owned 0.08% of BlackLine worth $2,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Cetera Investment Advisers bought a new stake in shares of BlackLine during the 1st quarter valued at $1,572,000. Comerica Bank grew its holdings in BlackLine by 11.8% during the first quarter. Comerica Bank now owns 124,266 shares of the technology company's stock valued at $8,025,000 after purchasing an additional 13,066 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in BlackLine in the first quarter worth about $907,000. Point72 DIFC Ltd bought a new position in shares of BlackLine in the second quarter worth about $537,000. Finally, Susquehanna Fundamental Investments LLC lifted its position in shares of BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company's stock valued at $4,380,000 after buying an additional 73,362 shares in the last quarter. Institutional investors own 95.13% of the company's stock.

Insider Activity

In related news, CFO Mark Partin sold 85,308 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares of the company's stock, valued at $12,440,124.96. This trade represents a 27.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now directly owns 113,865 shares of the company's stock, valued at approximately $6,262,575. This represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,108 shares of company stock worth $7,488,826. Corporate insiders own 9.53% of the company's stock.

BlackLine Stock Up 0.5 %

NASDAQ:BL traded up $0.30 during mid-day trading on Tuesday, reaching $63.07. The company's stock had a trading volume of 749,651 shares, compared to its average volume of 880,162. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31. The stock has a fifty day moving average of $56.51 and a 200-day moving average of $51.67. The firm has a market capitalization of $3.94 billion, a PE ratio of 64.05, a price-to-earnings-growth ratio of 14.72 and a beta of 0.90.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Piper Sandler reissued a "neutral" rating and issued a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the company a "hold" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research note on Friday, October 25th. BTIG Research dropped their price objective on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Finally, Morgan Stanley upped their target price on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus 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.