Fmr LLC Has $284.15 Million Holdings in BlackLine, Inc. (NASDAQ:BL)

FMR LLC grew its stake in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 1.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,153,275 shares of the technology company's stock after buying an additional 64,435 shares during the period. FMR LLC owned approximately 8.25% of BlackLine worth $284,152,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in BL. Quarry LP acquired a new stake in BlackLine during the second quarter worth $32,000. 1620 Investment Advisors Inc. acquired a new stake in shares of BlackLine during the 2nd quarter valued at about $64,000. Covestor Ltd increased its stake in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after acquiring an additional 337 shares during the period. Fifth Third Bancorp raised its position in BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock worth $112,000 after purchasing an additional 266 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in BlackLine during the second quarter worth about $145,000. Institutional investors own 95.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Robert W. Baird reduced their target price on shares of BlackLine from $72.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. BTIG Research decreased their price objective on shares of BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. JMP Securities lifted their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a "market outperform" rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. increased their price target on BlackLine from $47.00 to $50.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, BlackLine presently has a consensus rating of "Hold" and an average price target of $64.10.

BlackLine Stock Up 0.3 %

Shares of NASDAQ:BL traded up $0.16 during midday trading on Monday, reaching $62.17. 258,220 shares of the company were exchanged, compared to its average volume of 873,804. The firm has a market cap of $3.89 billion, a PE ratio of 63.28, a P/E/G ratio of 14.56 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 stock has a fifty day simple moving average of $57.37 and a two-hundred day simple moving average of $51.78. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Activity

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares of the company's stock, valued at $12,440,124.96. The trade was a 27.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Karole Morgan-Prager sold 5,773 shares of the firm's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total transaction of $318,323.22. Following the completion of the transaction, the insider now directly owns 113,865 shares of the company's stock, valued at $6,278,516.10. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,108 shares of company stock worth $7,488,826 over the last ninety days. Insiders own 9.93% of the company's stock.

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.