272 Capital LP Boosts Holdings in BlackLine, Inc. (NASDAQ:BL)

272 Capital LP boosted its position in shares of BlackLine, Inc. (NASDAQ:BL) by 30.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,437 shares of the technology company’s stock after buying an additional 16,107 shares during the quarter. BlackLine accounts for approximately 2.0% of 272 Capital LP’s investment portfolio, making the stock its 18th largest position. 272 Capital LP’s holdings in BlackLine were worth $3,774,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Tidal Investments LLC lifted its position in shares of BlackLine by 1.6% during the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after purchasing an additional 219 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of 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 purchasing an additional 266 shares during the last quarter. Arizona State Retirement System lifted its position in shares of BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after purchasing an additional 325 shares during the last quarter. Covestor Ltd raised its holdings in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings 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 valued at $1,250,000 after acquiring an additional 600 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BlackLine

In related news, CFO Mark Partin sold 85,308 shares of the company’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 owns 226,844 shares in the company, valued at $12,440,124.96. This represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. The trade was a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JMP Securities lifted their price objective on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Piper Sandler restated a “neutral” rating and issued a $60.00 price objective on shares of BlackLine in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $64.10.

BlackLine Price Performance

Shares of BL stock opened at $64.80 on Friday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 66.12, a PEG ratio of 15.18 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. The stock’s 50-day simple moving average is $59.29 and its 200-day simple moving average is $52.39.

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.