Mutual of America Capital Management LLC Purchases 23,294 Shares of BlackLine, Inc. (NASDAQ:BL)

Mutual of America Capital Management LLC increased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 67.3% in the third quarter, Holdings Channel reports. The institutional investor owned 57,884 shares of the technology company’s stock after buying an additional 23,294 shares during the period. Mutual of America Capital Management LLC’s holdings in BlackLine were worth $3,192,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quadrature Capital Ltd grew its stake in BlackLine by 346.5% in the first quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 24,713 shares in the last quarter. Cetera Investment Advisers bought a new stake in BlackLine in the first quarter valued at approximately $1,572,000. Comerica Bank lifted its position in shares of BlackLine by 11.8% in the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock valued at $8,025,000 after buying an additional 13,066 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine in the first quarter valued at approximately $907,000. Finally, Vanguard Group Inc. boosted its stake 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 worth $476,662,000 after acquiring an additional 642,772 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the company’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 sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,108 shares of company stock worth $7,488,826. Company insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

Shares of NASDAQ:BL opened at $62.70 on Friday. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company’s 50 day moving average price is $56.00 and its two-hundred day moving average price is $51.74. The firm has a market cap of $3.92 billion, a PE ratio of 63.98, a PEG ratio of 13.54 and a beta of 0.90. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Wall Street Analysts Forecast Growth

BL has been the subject of several research reports. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Piper Sandler restated a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday. Truist Financial upped their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Robert W. Baird lowered their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Two 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. Based on data from MarketBeat, BlackLine has an average rating of “Hold” and an average price target of $64.10.

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.