Conestoga Capital Advisors LLC Buys 354,784 Shares of BlackLine, Inc. (NASDAQ:BL)

Conestoga Capital Advisors LLC grew its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 20.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,113,882 shares of the technology company's stock after purchasing an additional 354,784 shares during the period. BlackLine comprises about 1.7% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 24th biggest position. Conestoga Capital Advisors LLC owned about 3.38% of BlackLine worth $128,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company's stock worth $16,033,000 after buying an additional 34,919 shares in the last quarter. Icon Wealth Advisors LLC increased its stake in BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company's stock valued at $907,000 after acquiring an additional 12,415 shares during the period. Victory Capital Management Inc. increased its stake in BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company's stock valued at $1,416,000 after acquiring an additional 9,820 shares during the period. Weiss Asset Management LP acquired a new position in BlackLine in the third quarter worth about $1,506,000. Finally, Eagle Asset Management Inc. lifted its stake in BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company's stock worth $12,335,000 after purchasing an additional 86,931 shares during the period. Institutional investors own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BL shares. Bank of America upgraded shares of BlackLine from an "underperform" rating to a "buy" rating and lifted their target price for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. StockNews.com cut BlackLine from a "buy" rating to a "hold" rating in a report on Tuesday. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Piper Sandler lowered shares of BlackLine from a "neutral" rating to an "underweight" rating and set a $60.00 price objective on the stock. in a report on Monday, January 6th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $68.10.

BlackLine Stock Performance

Shares of BL traded down $0.51 during midday trading on Thursday, reaching $65.13. The stock had a trading volume of 416,388 shares, compared to its average volume of 543,945. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The firm has a 50 day simple moving average of $61.68 and a 200-day simple moving average of $56.26. The firm has a market cap of $4.07 billion, a PE ratio of 66.46, a P/E/G ratio of 8.97 and a beta of 0.92. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 9.53% of the company's stock.

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.