Geneva Capital Management LLC Increases Stock Position in BlackLine, Inc. (NASDAQ:BL)

Geneva Capital Management LLC grew its holdings in BlackLine, Inc. (NASDAQ:BL) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 895,810 shares of the technology company’s stock after purchasing an additional 24,446 shares during the quarter. Geneva Capital Management LLC owned approximately 1.44% of BlackLine worth $49,395,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of BL. Quarry LP acquired a new position in BlackLine in the 2nd quarter valued at about $32,000. EntryPoint Capital LLC acquired a new position in shares of BlackLine in the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. purchased a new position in shares of BlackLine during the second quarter valued at approximately $64,000. Covestor Ltd lifted its stake in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares during the period. Finally, Fifth Third Bancorp boosted its position in 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 acquiring an additional 266 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Price Performance

Shares of NASDAQ BL opened at $61.15 on Wednesday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The business has a 50 day moving average price of $54.42 and a two-hundred day moving average price of $51.62. The firm has a market cap of $3.80 billion, a PE ratio of 62.40, a price-to-earnings-growth ratio of 14.79 and a beta of 0.90.

Analyst Upgrades and Downgrades

BL has been the topic of several recent analyst reports. Piper Sandler increased their target price on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. BTIG Research lowered their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Robert W. Baird cut their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday. Finally, Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $60.00 to $70.00 in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, BlackLine presently has an average rating of “Hold” and an average price target of $62.60.

Insider Transactions at BlackLine

In other BlackLine news, 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 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 135,495 shares of company stock valued at $7,560,534. Insiders own 9.93% of the company’s stock.

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.