BlackLine, Inc. (NASDAQ:BL) Stock Position Lifted by Tidal Investments LLC

Tidal Investments LLC increased its stake in BlackLine, Inc. (NASDAQ:BL) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,539 shares of the technology company’s stock after purchasing an additional 219 shares during the quarter. Tidal Investments LLC’s holdings in BlackLine were worth $747,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Engaged Capital LLC acquired a new stake in shares of BlackLine in the third quarter valued at $33,620,000. Conestoga Capital Advisors LLC raised its position in 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 in the last quarter. Squarepoint Ops LLC bought a new position in shares of BlackLine during the 2nd quarter valued at about $15,128,000. Dimensional Fund Advisors LP grew its stake in shares of 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 last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of BlackLine by 3,027.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after acquiring an additional 217,751 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BL shares. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Citigroup lifted their target price on shares of BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Truist Financial upped their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. JMP Securities lifted their price objective on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $66.00.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $63.43 on Friday. The business has a 50-day moving average of $60.34 and a two-hundred day moving average of $53.07. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock has a market capitalization of $3.96 billion, a P/E ratio of 64.72, a P/E/G ratio of 15.18 and a beta of 0.90.

Insider Transactions at BlackLine

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This trade represents a 2.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 158,516 shares of company stock worth $9,058,748. 9.93% of the stock is owned by insiders.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.