Victory Capital Management Inc. Boosts Stake in BlackLine, Inc. (NASDAQ:BL)

Victory Capital Management Inc. boosted its position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 61.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,677 shares of the technology company's stock after purchasing an additional 9,820 shares during the quarter. Victory Capital Management Inc.'s holdings in BlackLine were worth $1,416,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BL. Conestoga Capital Advisors LLC lifted its holdings in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock valued at $96,997,000 after purchasing an additional 350,143 shares in the last quarter. Dimensional Fund Advisors LP raised its position in BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock worth $28,076,000 after buying an additional 229,151 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in BlackLine by 40.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company's stock valued at $22,299,000 after acquiring an additional 116,900 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of BlackLine during the 2nd quarter valued at about $15,128,000. Finally, Principal Financial Group Inc. raised its holdings in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock valued at $16,033,000 after purchasing an additional 34,919 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

BlackLine Trading Up 0.5 %

Shares of BlackLine stock traded up $0.30 on Tuesday, reaching $63.07. The company had a trading volume of 771,351 shares, compared to its average volume of 880,868. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 64.05, a P/E/G ratio of 14.72 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm's 50-day moving average price is $56.51 and its two-hundred day moving average price is $51.67. BlackLine, Inc. has a 1 year low of $43.37 and a 1 year high of $69.31.

Insider Activity at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the business's stock in a transaction dated 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 sale, the chief financial officer now directly owns 226,844 shares of the company's stock, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.53% of the company's stock.

Wall Street Analyst Weigh In

BL has been the topic of several research reports. BTIG Research dropped their target price on BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Truist Financial raised their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Finally, Robert W. Baird reduced their price objective on BlackLine from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $64.10.

BlackLine Profile

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.