Fmr LLC Buys 64,435 Shares of BlackLine, Inc. (NASDAQ:BL)

Fmr LLC boosted its position in shares of BlackLine, Inc. (NASDAQ:BL) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,153,275 shares of the technology company’s stock after acquiring an additional 64,435 shares during the period. Fmr LLC owned 0.08% of BlackLine worth $284,152,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BL. Conestoga Capital Advisors LLC boosted its stake in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after acquiring an additional 350,143 shares during the period. Geneva Capital Management LLC boosted its stake in BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock worth $49,395,000 after purchasing an additional 24,446 shares during the period. Dimensional Fund Advisors LP boosted its stake in BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in BlackLine by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock valued at $27,307,000 after buying an additional 20,027 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of BlackLine by 40.7% during the third quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock valued at $22,299,000 after buying an additional 116,900 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in 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. Morgan Stanley raised their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, BTIG Research decreased their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Two 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.com, BlackLine currently has an average rating of “Hold” and a consensus target price of $64.10.

Insiders Place Their Bets

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the company’s 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 transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This represents a 2.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock valued at $7,488,826 over the last three months. 9.93% of the stock is owned by company insiders.

BlackLine Stock Performance

NASDAQ BL opened at $62.01 on Monday. The business’s 50 day moving average price is $57.37 and its 200-day moving average price is $51.78. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market cap of $3.88 billion, a P/E ratio of 63.28, a P/E/G ratio of 14.56 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

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.