BlackLine, Inc. (NASDAQ:BL) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its holdings in BlackLine, Inc. (NASDAQ:BL) by 61.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,677 shares of the technology company’s stock after acquiring an additional 9,820 shares during the quarter. Victory Capital Management Inc.’s holdings in BlackLine were worth $1,416,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of BlackLine during the 2nd quarter worth $32,000. EntryPoint Capital LLC purchased a new position in BlackLine in the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd lifted its stake in BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp boosted 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 worth $112,000 after buying an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. JMP Securities increased their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday. Morgan Stanley lifted 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. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Two research 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. Based on data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $64.10.

BlackLine Price Performance

NASDAQ BL opened at $62.77 on Tuesday. The company has a 50 day moving average price of $56.26 and a two-hundred day moving average price of $51.64. 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 $3.92 billion, a PE ratio of 64.30, a price-to-earnings-growth ratio of 14.72 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.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction on Friday, September 27th. The shares were 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 in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 owns 113,865 shares of the company’s stock, valued at $6,278,516.10. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,108 shares of company stock worth $7,488,826. 9.53% of the stock is owned by corporate 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.