Intech Investment Management LLC Takes Position in BlackLine, Inc. (NASDAQ:BL)

Intech Investment Management LLC bought a new stake in BlackLine, Inc. (NASDAQ:BL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,841 shares of the technology company’s stock, valued at approximately $818,000.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake in BlackLine by 13.0% in the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares during the period. Arizona State Retirement System increased its holdings in shares of BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after acquiring an additional 325 shares during the last quarter. Covestor Ltd raised its stake in 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 period. Louisiana State Employees Retirement System lifted its holdings in BlackLine by 2.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock valued at $1,250,000 after purchasing an additional 600 shares during the last quarter. Finally, Quarry LP bought a new position in BlackLine during the second quarter worth $32,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BL shares. JMP Securities raised their target price 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. Truist Financial increased 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. Morgan Stanley boosted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. BTIG Research lowered their target price 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, JPMorgan Chase & Co. boosted their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Two research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $64.10.

Insider Transactions at BlackLine

In other news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. This represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,108 shares of company stock valued at $7,488,826. Company insiders own 9.93% of the company’s stock.

BlackLine Stock Down 1.9 %

BL stock opened at $61.88 on Friday. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The business has a 50-day simple moving average of $56.97 and a 200 day simple moving average of $51.77. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The company has a market cap of $3.87 billion, a PE ratio of 63.14, a price-to-earnings-growth ratio of 14.73 and a beta of 0.90.

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.