JPMorgan Chase & Co. Boosts Holdings in BlackLine, Inc. (NASDAQ:BL)

JPMorgan Chase & Co. raised its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 35.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,666,591 shares of the technology company's stock after acquiring an additional 435,271 shares during the period. JPMorgan Chase & Co. owned about 2.67% of BlackLine worth $91,896,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of BlackLine by 1.3% in the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company's stock valued at $284,152,000 after acquiring an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company's stock worth $96,997,000 after purchasing an additional 350,143 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of BlackLine by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company's stock valued at $70,704,000 after buying an additional 3,498 shares during the period. Geneva Capital Management LLC raised its holdings in BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company's stock valued at $49,395,000 after buying an additional 24,446 shares during the last quarter. Finally, Engaged Capital LLC acquired a new stake in BlackLine during the 3rd quarter worth approximately $33,620,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of the company's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,787 shares of company stock worth $3,212,790. 9.53% of the stock is owned by corporate insiders.

BlackLine Stock Performance

Shares of BL stock traded up $1.31 on Friday, hitting $61.64. 376,580 shares of the stock were exchanged, compared to its average volume of 401,590. The firm's 50 day moving average is $61.11 and its two-hundred day moving average is $54.09. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The firm has a market capitalization of $3.85 billion, a PE ratio of 62.90, a P/E/G ratio of 15.18 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.

Wall Street Analysts Forecast Growth

BL has been the topic of several analyst reports. Piper Sandler reiterated a "neutral" rating and issued a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Truist Financial increased their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Morgan Stanley boosted their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Citigroup lifted their price objective on BlackLine from $64.00 to $73.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, BlackLine has an average rating of "Hold" and an average price target of $66.00.

About BlackLine

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.