Fmr LLC Buys 64,435 Shares of BlackLine, Inc. (NASDAQ:BL)

Fmr LLC increased its stake in BlackLine, Inc. (NASDAQ:BL) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,153,275 shares of the technology company’s stock after acquiring an additional 64,435 shares during the period. Fmr LLC owned about 8.25% of BlackLine worth $284,152,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Conestoga Capital Advisors LLC grew its holdings in BlackLine by 24.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of BlackLine in the second quarter worth about $15,128,000. Dimensional Fund Advisors LP increased its holdings in BlackLine by 65.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after purchasing an additional 229,151 shares during the period. Assenagon Asset Management S.A. raised its position in BlackLine by 3,027.3% during the 3rd 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 during the last quarter. Finally, Clearline Capital LP purchased a new stake in BlackLine in the 2nd quarter worth approximately $7,673,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karole Morgan-Prager sold 5,773 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total transaction of $318,323.22. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,278,516.10. The trade was a 4.83 % 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 over the last three months. 9.93% of the stock is currently owned by corporate insiders.

BlackLine Stock Up 0.2 %

Shares of NASDAQ:BL opened at $62.01 on Monday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a fifty day simple moving average of $57.37 and a two-hundred day simple moving average of $51.78. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 63.28, a PEG ratio of 14.56 and a beta of 0.90.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BL. JPMorgan Chase & Co. upped their target price on 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 target price on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JMP Securities increased their price target on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial increased their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $64.10.

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.