Advantage Alpha Capital Partners LP Lowers Holdings in BlackLine, Inc. (NASDAQ:BL)

Advantage Alpha Capital Partners LP reduced its position in shares of BlackLine, Inc. (NASDAQ:BL) by 32.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,359 shares of the technology company’s stock after selling 25,135 shares during the quarter. Advantage Alpha Capital Partners LP owned about 0.08% of BlackLine worth $2,887,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of BL. Quarry LP bought a new stake in shares of BlackLine in the 2nd quarter valued at about $32,000. EntryPoint Capital LLC bought a new position in BlackLine in the first quarter worth approximately $36,000. 1620 Investment Advisors Inc. bought a new position in BlackLine in the second quarter worth approximately $64,000. Covestor Ltd lifted its holdings in BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $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 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after acquiring an additional 266 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. JMP Securities increased their price target on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research report on Friday. Piper Sandler reissued a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Robert W. Baird decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $64.10.

Insider Activity

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction 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 approximately $12,440,124.96. This trade represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 134,108 shares of company stock worth $7,488,826 in the last ninety days. Company insiders own 9.53% of the company’s stock.

BlackLine Trading Up 0.1 %

Shares of NASDAQ:BL opened at $62.77 on Tuesday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 12-month low of $43.37 and a 12-month high of $69.31. The business has a 50 day moving average of $56.51 and a two-hundred day moving average of $51.67. The company has a market capitalization of $3.92 billion, a PE ratio of 64.05, a PEG ratio of 14.72 and a beta of 0.90.

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.