Intech Investment Management LLC Acquires Shares of 14,841 BlackLine, Inc. (NASDAQ:BL)

Intech Investment Management LLC bought a new position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 14,841 shares of the technology company's stock, valued at approximately $818,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of BlackLine during the second quarter valued at approximately $32,000. 1620 Investment Advisors Inc. acquired a new position in BlackLine during the 2nd quarter worth $64,000. Covestor Ltd boosted its position in BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company's stock valued at $77,000 after buying an additional 337 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company's stock valued at $112,000 after buying an additional 266 shares during the period. Finally, nVerses Capital LLC bought a new stake in shares of BlackLine during the second quarter worth $145,000. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Up 0.2 %

Shares of NASDAQ BL traded up $0.13 during midday trading on Friday, reaching $62.01. The company's stock had a trading volume of 213,272 shares, compared to its average volume of 876,490. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock has a 50 day simple moving average of $57.17 and a 200-day simple moving average of $51.84. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 63.28, a PEG ratio of 14.53 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley upped their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. JMP Securities raised their price objective 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. Piper Sandler reiterated a "neutral" rating and set a $60.00 target price on shares of BlackLine in a research report on Wednesday, November 20th. JPMorgan Chase & Co. raised 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, BTIG Research decreased their price objective on BlackLine from $71.00 to $65.00 and set a "buy" rating for the company in a research note 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $64.10.

Insider Buying and Selling at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of the stock in a transaction on 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 owns 226,844 shares of the company's stock, valued at approximately $12,022,732. This represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company's stock.

About BlackLine

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.