Covestor Ltd Increases Stake in BlackLine, Inc. (NASDAQ:BL)

Covestor Ltd increased its position in shares of BlackLine, Inc. (NASDAQ:BL) by 31.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,392 shares of the technology company’s stock after purchasing an additional 337 shares during the period. Covestor Ltd’s holdings in BlackLine were worth $77,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BL. Fifth Third Bancorp lifted its position in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares during the last quarter. Arizona State Retirement System lifted its holdings in BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in BlackLine in the 1st quarter valued at about $36,000. Louisiana State Employees Retirement System grew its stake in BlackLine by 2.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock worth $1,250,000 after acquiring an additional 600 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of BlackLine during the second quarter worth approximately $32,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Trading Up 2.0 %

BlackLine stock opened at $62.39 on Thursday. The firm has a market cap of $3.90 billion, a PE ratio of 63.66, a P/E/G ratio of 14.98 and a beta of 0.90. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The stock’s 50 day simple moving average is $54.69 and its two-hundred day simple moving average is $51.69. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CRO Mark Woodhams sold 1,387 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,495 shares of company stock worth $7,560,534 in the last 90 days. Corporate insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BL shares. JPMorgan Chase & Co. raised 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. Piper Sandler boosted their price target on shares of BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley upgraded shares of BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $70.00 in a research note on Monday, September 30th. Robert W. Baird reduced their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, BTIG Research dropped their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.60.

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.