Point72 Asset Management L.P. Increases Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Point72 Asset Management L.P. boosted its position in shares of BlackLine, Inc. (NASDAQ:BL - Free Report) by 63.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 317,991 shares of the technology company's stock after buying an additional 122,849 shares during the period. Point72 Asset Management L.P. owned 0.51% of BlackLine worth $17,534,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

BL has been the subject of a number of recent research reports. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. JMP Securities raised their price objective on shares of BlackLine from $81.00 to $86.00 and gave the stock a "market outperform" rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. 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 company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $64.10.

BlackLine Trading Up 2.1 %

Shares of BL traded up $1.32 during midday trading on Friday, hitting $64.23. 452,836 shares of the stock were exchanged, compared to its average volume of 711,805. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a market cap of $4.01 billion, a P/E ratio of 65.54, a P/E/G ratio of 14.91 and a beta of 0.90. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The stock has a fifty day simple moving average of $58.52 and a 200 day simple moving average of $52.04.

Insider Activity at BlackLine

In other news, CFO Mark Partin sold 5,648 shares of the company's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the company's stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock worth $7,488,826 in the last three months. 9.93% of the stock is owned by company insiders.

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.