Acadian Asset Management LLC acquired a new stake in shares of BlackLine, Inc. (NASDAQ:BL – Free Report) during the second quarter, HoldingsChannel reports. The firm acquired 2,024 shares of the technology company’s stock, valued at approximately $108,000.
Several other institutional investors have also bought and sold shares of BL. M&R Capital Management Inc. bought a new position in BlackLine during the 2nd quarter valued at $25,000. C M Bidwell & Associates Ltd. acquired a new position in BlackLine during the first quarter worth about $35,000. Quarry LP raised its position in BlackLine by 1,101.9% in the first quarter. Quarry LP now owns 625 shares of the technology company’s stock worth $42,000 after acquiring an additional 573 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in BlackLine in the 2nd quarter valued at about $61,000. Finally, Barrett & Company Inc. bought a new position in shares of BlackLine during the 1st quarter valued at about $67,000. Institutional investors and hedge funds own 95.13% of the company’s stock.
Analyst Ratings Changes
Several research firms recently commented on BL. TheStreet raised shares of BlackLine from a “d+” rating to a “c-” rating in a research note on Friday, September 15th. BTIG Research reduced their price objective on BlackLine from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. JPMorgan Chase & Co. cut their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 9th. Truist Financial reiterated a “hold” rating and issued a $60.00 price target on shares of BlackLine in a research report on Tuesday, September 19th. Finally, StockNews.com assumed coverage on BlackLine in a report on Thursday, October 5th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.44.
Insider Activity at BlackLine
In other news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the transaction, the director now directly owns 54,470 shares of the company’s stock, valued at $3,268,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.93% of the stock is currently owned by insiders.
BlackLine Trading Up 2.3 %
NASDAQ:BL opened at $57.69 on Tuesday. The stock has a market cap of $3.53 billion, a PE ratio of -240.38, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. BlackLine, Inc. has a fifty-two week low of $47.26 and a fifty-two week high of $77.90. The company has a debt-to-equity ratio of 5.28, a current ratio of 2.18 and a quick ratio of 2.18. The stock’s 50-day moving average is $53.72 and its two-hundred day moving average is $53.98.
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 high volumes of individual transactions; and task management to create and manage processes and task lists.
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