Scalar Gauge Management LLC Raises Stock Position in BlackLine, Inc. (NASDAQ:BL)

Scalar Gauge Management LLC increased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 44.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 65,000 shares of the technology company’s stock after purchasing an additional 20,000 shares during the quarter. BlackLine accounts for 1.9% of Scalar Gauge Management LLC’s holdings, making the stock its 15th biggest holding. Scalar Gauge Management LLC owned approximately 0.10% of BlackLine worth $3,584,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BL. Quarry LP bought a new stake in BlackLine during the second quarter valued at about $32,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the 2nd quarter worth approximately $64,000. Covestor Ltd lifted 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 buying an additional 337 shares in the last quarter. Fifth Third Bancorp lifted its holdings in 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 purchasing an additional 266 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in BlackLine during the 2nd quarter valued at about $145,000. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on BL. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday, November 20th. Robert W. Baird cut their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Truist Financial upped their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $64.10.

Insider Activity at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 113,865 shares in the company, valued at approximately $6,262,575. The trade was a 8.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. The trade was a 2.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock worth $7,488,826 in the last 90 days. 9.93% of the stock is owned by insiders.

BlackLine Price Performance

BL stock opened at $62.01 on Friday. 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 company has a market capitalization of $3.88 billion, a P/E ratio of 63.28, a PEG ratio of 14.53 and a beta of 0.90. The business has a 50 day simple moving average of $57.37 and a 200-day simple moving average of $51.87. BlackLine, Inc. has a twelve month low of $43.37 and a twelve month high of $69.31.

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.