Quest Partners LLC Takes Position in BlackLine, Inc. (NASDAQ:BL)

Quest Partners LLC bought a new stake in BlackLine, Inc. (NASDAQ:BL) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 8,792 shares of the technology company’s stock, valued at approximately $485,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp lifted its stake in shares of 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 in the last quarter. Arizona State Retirement System lifted its position in BlackLine by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after acquiring an additional 325 shares in the last quarter. Covestor Ltd boosted its stake in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the last quarter. EntryPoint Capital LLC bought a new stake in BlackLine during the 1st quarter worth approximately $36,000. Finally, Louisiana State Employees Retirement System raised its stake in shares of BlackLine by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock worth $1,250,000 after purchasing an additional 600 shares during the last quarter. 95.13% of the stock is owned by institutional investors.

Insider Transactions at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction on Friday, September 27th. The shares were 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 approximately $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is owned by company insiders.

BlackLine Price Performance

Shares of NASDAQ BL opened at $62.70 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 stock has a fifty day simple moving average of $56.26 and a two-hundred day simple moving average of $51.76. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 63.98, a price-to-earnings-growth ratio of 14.48 and a beta of 0.90.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BL shares. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. JMP Securities increased their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday. Morgan Stanley boosted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $64.10.

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.