Conestoga Capital Advisors LLC Acquires 350,143 Shares of BlackLine, Inc. (NASDAQ:BL)

Conestoga Capital Advisors LLC increased its holdings in BlackLine, Inc. (NASDAQ:BL - Free Report) by 24.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,759,098 shares of the technology company's stock after acquiring an additional 350,143 shares during the quarter. BlackLine comprises about 1.3% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 28th biggest holding. Conestoga Capital Advisors LLC owned about 2.85% of BlackLine worth $96,997,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company's stock valued at $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company's stock worth $28,076,000 after buying an additional 229,151 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in BlackLine by 40.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company's stock worth $22,299,000 after purchasing an additional 116,900 shares in the last quarter. Squarepoint Ops LLC purchased a new position in BlackLine during the 2nd quarter valued at approximately $15,128,000. Finally, Assenagon Asset Management S.A. raised its stake in BlackLine by 3,027.3% during the third 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 in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the sale, the insider now directly owns 115,424 shares of the company's stock, valued at approximately $5,771,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Mark Partin sold 85,308 shares of the company's stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company's stock, valued at $12,440,124.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the business's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares of the company's stock, valued at $5,771,200. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,873 shares of company stock valued at $8,340,243. 9.93% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. BTIG Research dropped their price target on BlackLine from $71.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. JMP Securities reaffirmed a "market outperform" rating and issued a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Piper Sandler lowered their price target on BlackLine from $55.00 to $51.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. Morgan Stanley raised shares of BlackLine from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $60.00 to $70.00 in a report on Monday, September 30th. Finally, Truist Financial lifted their price target on BlackLine from $45.00 to $55.00 and gave the company a "hold" rating in a research report on Thursday. 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, BlackLine currently has a consensus rating of "Hold" and an average price target of $61.20.

BlackLine Trading Up 0.3 %

BlackLine stock traded up $0.14 during midday trading on Friday, reaching $55.51. The stock had a trading volume of 395,806 shares, compared to its average volume of 887,663. The firm's fifty day simple moving average is $53.00 and its two-hundred day simple moving average is $51.77. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 62.21, a PEG ratio of 13.75 and a beta of 0.90.

BlackLine (NASDAQ:BL - Get Free Report) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. BlackLine's revenue was up 11.0% compared to the same quarter last year. During the same period last year, the business posted ($0.69) EPS. Equities analysts anticipate that BlackLine, Inc. will post 0.96 EPS for the current fiscal year.

BlackLine 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.