BlackLine, Inc. (NASDAQ:BL) Position Lifted by Eagle Asset Management Inc.

Eagle Asset Management Inc. raised its stake in BlackLine, Inc. (NASDAQ:BL) by 74.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 204,328 shares of the technology company’s stock after acquiring an additional 86,931 shares during the period. Eagle Asset Management Inc.’s holdings in BlackLine were worth $12,335,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of BlackLine by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock valued at $27,307,000 after acquiring an additional 20,027 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of BlackLine in the 3rd quarter valued at about $818,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of BlackLine by 214.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 128,149 shares of the technology company’s stock valued at $7,066,000 after buying an additional 87,431 shares during the last quarter. Quest Partners LLC bought a new position in BlackLine in the third quarter worth about $485,000. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of BlackLine by 4.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 44,639 shares of the technology company’s stock worth $2,462,000 after purchasing an additional 2,046 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Stock Up 1.6 %

NASDAQ BL opened at $62.70 on Friday. The company has a market capitalization of $3.92 billion, a P/E ratio of 63.98, a PEG ratio of 14.48 and a beta of 0.90. BlackLine, Inc. has a 12 month low of $43.37 and a 12 month high of $69.31. The company’s 50 day simple moving average is $56.26 and its 200 day simple moving average is $51.76. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insider Transactions at BlackLine

In other news, CFO Mark Partin sold 85,308 shares of the stock in a transaction 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 5,773 shares of BlackLine stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total value of $318,323.22. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,278,516.10. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,108 shares of company stock valued at $7,488,826 in the last three months. 9.93% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BL has been the subject of a number of analyst reports. Piper Sandler reissued a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday. BTIG Research cut their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note 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 research note on Monday, November 11th. JMP Securities lifted their price objective on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday. Finally, Robert W. Baird reduced their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.10.

About BlackLine

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.