4,423 Shares in BlackLine, Inc. (NASDAQ:BL) Acquired by Hardy Reed LLC

Hardy Reed LLC bought a new position in shares of BlackLine, Inc. (NASDAQ:BL) in the third quarter, HoldingsChannel.com reports. The firm bought 4,423 shares of the technology company’s stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors 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 acquired a new stake in BlackLine in the first quarter valued at approximately $36,000. 1620 Investment Advisors Inc. purchased a new position in BlackLine in the second quarter worth $64,000. Covestor Ltd increased its position in shares of 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 purchasing an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of 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 purchasing an additional 266 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Performance

NASDAQ BL opened at $63.07 on Wednesday. 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 $3.94 billion, a P/E ratio of 64.36, a price-to-earnings-growth ratio of 14.73 and a beta of 0.90. The stock’s fifty day moving average is $56.51 and its two-hundred day moving average is $51.67. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction 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 transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction on Friday, September 27th. The shares were 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 approximately $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. 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 three months. 9.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Robert W. Baird decreased their price target on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. JMP Securities lifted their target price on shares of BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. 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 report on Wednesday, August 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price 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.