Clearline Capital LP Sells 123,763 Shares of BlackLine, Inc. (NASDAQ:BL)

Clearline Capital LP reduced its stake in BlackLine, Inc. (NASDAQ:BL) by 78.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 34,610 shares of the technology company’s stock after selling 123,763 shares during the quarter. Clearline Capital LP owned approximately 0.06% of BlackLine worth $1,908,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of BlackLine in the second quarter valued at about $32,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the second quarter worth approximately $64,000. Covestor Ltd boosted its position 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 during the period. Fifth Third Bancorp grew its stake in shares of BlackLine by 13.0% in 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. Finally, nVerses Capital LLC acquired a new position in BlackLine during the 2nd quarter valued at $145,000. Institutional investors own 95.13% of the company’s stock.

Insider Activity at BlackLine

In related news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the sale, the chief financial officer now directly 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 document filed with the SEC, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. The trade was a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock valued at $7,488,826 in the last ninety days. Insiders own 9.93% of the company’s stock.

BlackLine Stock Performance

BlackLine stock opened at $62.01 on Monday. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a fifty day moving average price of $57.37 and a two-hundred day moving average price of $51.78. The firm has a market capitalization of $3.88 billion, a P/E ratio of 63.28, a P/E/G ratio of 14.56 and a beta of 0.90.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler restated a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Robert W. Baird decreased their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. BTIG Research cut their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Truist Financial upped their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. 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 company’s stock. According to MarketBeat, BlackLine has an average rating of “Hold” and a consensus target price of $64.10.

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.