Victory Capital Management Inc. Acquires 9,820 Shares of BlackLine, Inc. (NASDAQ:BL)

Victory Capital Management Inc. lifted its holdings in shares of BlackLine, Inc. (NASDAQ:BL) by 61.9% in the third quarter, according to its most recent filing with the SEC. The firm owned 25,677 shares of the technology company’s stock after acquiring an additional 9,820 shares during the period. Victory Capital Management Inc.’s holdings in BlackLine were worth $1,416,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in BL. EntryPoint Capital LLC acquired a new stake in BlackLine in the 1st quarter valued at $36,000. Quarry LP bought a new position in shares of BlackLine during the second quarter valued at $32,000. 1620 Investment Advisors Inc. acquired a new stake in shares of BlackLine in the 2nd quarter valued at $64,000. Covestor Ltd grew its holdings in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BL. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. increased 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. Morgan Stanley raised their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. BTIG Research reduced their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird lowered their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Two investment 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.com, BlackLine has a consensus rating of “Hold” and a consensus target price of $64.10.

BlackLine Trading Up 0.1 %

Shares of BL opened at $62.77 on Tuesday. The stock’s fifty day simple moving average is $56.26 and its 200-day simple moving average is $51.64. The firm has a market capitalization of $3.92 billion, a PE ratio of 64.30, a price-to-earnings-growth ratio of 14.72 and a beta of 0.90. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 5,773 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total transaction of $318,323.22. Following the transaction, the insider now owns 113,865 shares in the company, valued at approximately $6,278,516.10. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 134,108 shares of company stock valued at $7,488,826. 9.53% of the stock is currently owned by insiders.

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.