Connor Clark & Lunn Investment Management Ltd. Raises Holdings in BlackLine, Inc. (NASDAQ:BL)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 214.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,149 shares of the technology company's stock after purchasing an additional 87,431 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of BlackLine worth $7,066,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System increased its holdings in BlackLine by 11.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 17,944 shares of the technology company's stock valued at $1,205,000 after acquiring an additional 1,850 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company's stock worth $476,662,000 after purchasing an additional 642,772 shares during the last quarter. American International Group Inc. lifted its position in shares of BlackLine by 7.5% in the first quarter. American International Group Inc. now owns 30,440 shares of the technology company's stock worth $1,966,000 after buying an additional 2,117 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in BlackLine by 42.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 144,008 shares of the technology company's stock valued at $9,293,000 after buying an additional 43,103 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in BlackLine during the 1st quarter valued at approximately $36,000. Institutional investors own 95.13% of the company's stock.

BlackLine Trading Up 1.6 %

Shares of BL traded up $1.01 during mid-day trading on Friday, reaching $62.70. 576,984 shares of the company's stock traded hands, compared to its average volume of 728,996. 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 stock's 50-day moving average is $56.26 and its two-hundred day moving average is $51.76. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market cap of $3.92 billion, a P/E ratio of 63.98, a P/E/G ratio of 14.48 and a beta of 0.90.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BL. JMP Securities increased their target price on BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research report on Friday. Robert W. Baird lowered their price objective on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a report on Friday, October 25th. BTIG Research decreased their target price on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price target on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Two equities research 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 data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $64.10.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now owns 226,844 shares of the company's stock, valued at $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the firm's stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is currently owned by insiders.

BlackLine Company 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.