609,713 Shares in BlackLine, Inc. (NASDAQ:BL) Acquired by Engaged Capital LLC

Engaged Capital LLC acquired a new stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 609,713 shares of the technology company's stock, valued at approximately $33,620,000. BlackLine comprises about 5.5% of Engaged Capital LLC's portfolio, making the stock its 8th largest holding. Engaged Capital LLC owned about 0.98% of BlackLine at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Conestoga Capital Advisors LLC boosted its holdings in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock worth $96,997,000 after buying an additional 350,143 shares during the period. Squarepoint Ops LLC acquired a new position in BlackLine in the 2nd quarter worth approximately $15,128,000. Dimensional Fund Advisors LP grew its position in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock worth $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in BlackLine by 3,027.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company's stock valued at $12,403,000 after purchasing an additional 217,751 shares during the period. Finally, Clearline Capital LP acquired a new stake in BlackLine during the 2nd quarter valued at $7,673,000. 95.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Mark Partin sold 5,648 shares of the firm's stock in a transaction 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 directly owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the company's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares of the company's stock, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock worth $7,488,826 over the last three months. 9.93% of the stock is currently owned by company insiders.

BlackLine Trading Up 0.2 %

Shares of NASDAQ BL traded up $0.13 during midday trading on Friday, hitting $62.01. The stock had a trading volume of 213,272 shares, compared to its average volume of 876,490. The firm has a market cap of $3.88 billion, a P/E ratio of 63.28, a price-to-earnings-growth ratio of 14.53 and a beta of 0.90. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. 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 company's 50-day simple moving average is $57.17 and its 200 day simple moving average is $51.84.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BL shares. Piper Sandler reissued a "neutral" rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Morgan Stanley increased their price objective on BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. JPMorgan Chase & Co. upped their target price on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Robert W. Baird reduced their price target on BlackLine from $72.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, August 7th. Finally, BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, BlackLine currently has an average rating of "Hold" and an average target price of $64.10.

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.