Intech Investment Management LLC Takes $818,000 Position in BlackLine, Inc. (NASDAQ:BL)

Intech Investment Management LLC acquired a new stake in BlackLine, Inc. (NASDAQ:BL) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,841 shares of the technology company’s stock, valued at approximately $818,000.

Other large investors have also added to or reduced their stakes in the company. Quarry LP acquired a new position in BlackLine in the 2nd quarter valued at approximately $32,000. 1620 Investment Advisors Inc. acquired a new stake in BlackLine in the second quarter valued at $64,000. Covestor Ltd lifted its holdings in BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the period. Fifth Third Bancorp lifted its holdings in BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of BlackLine in the second quarter valued at about $145,000. Institutional investors own 95.13% of the company’s stock.

Insider Buying and Selling at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of BlackLine stock in a transaction dated 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 27.33 % 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 corporate insiders.

BlackLine Trading Down 1.9 %

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on BL shares. JMP Securities lifted their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. BTIG Research reduced their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Truist Financial increased their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Piper Sandler restated a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $64.10.

BlackLine Company 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.