Clearline Capital LP Has $1.91 Million Stock Position in BlackLine, Inc. (NASDAQ:BL)

Clearline Capital LP reduced its position in shares of BlackLine, Inc. (NASDAQ:BL) by 78.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 34,610 shares of the technology company’s stock after selling 123,763 shares during the quarter. Clearline Capital LP’s holdings in BlackLine were worth $1,908,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in BL. Quarry LP acquired a new stake in shares of BlackLine during the second quarter worth $32,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd increased its stake in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares during the last quarter. Fifth Third Bancorp raised its position in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after acquiring an additional 266 shares during the period. Finally, nVerses Capital LLC bought a new position in BlackLine during the 2nd quarter worth approximately $145,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $62.01 on Monday. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The stock has a market capitalization of $3.88 billion, a PE ratio of 63.28, a price-to-earnings-growth ratio of 14.56 and a beta of 0.90. 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 stock has a 50 day moving average price of $57.37 and a 200 day moving average price of $51.78.

Wall Street Analyst Weigh In

BL has been the subject of several recent analyst reports. BTIG Research lowered their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. JMP Securities boosted their price objective on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. Finally, Truist Financial increased their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.10.

Insider Buying and Selling

In other news, insider Karole Morgan-Prager sold 5,773 shares of BlackLine stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total transaction of $318,323.22. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,278,516.10. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction dated Friday, September 27th. The stock was 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company’s stock.

BlackLine Company 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.