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

272 Capital LP has increased its stake in BlackLine, Inc. (NASDAQ:BL - Free Report) by 30.8% during the third quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission (SEC). After acquiring an additional 16,107 shares during the quarter, the fund now holds a total of 68,437 shares of this technology company. BlackLine represents roughly 2.0% of 272 Capital LP's investment portfolio, making it the 18th largest holding for the fund. As per the most recent SEC filing, the value of 272 Capital LP's stake in BlackLine is approximately $3,774,000, which accounts for about 0.11% of the company's total shares.

Institutional Investors Making Moves

Other institutional investors have also been active in adjusting their positions in BlackLine. For instance, Cetera Investment Advisers acquired a new stake in the shares during the first quarter, valued at about $1,572,000. Point72 DIFC Ltd also bought a new position in the second quarter worth around $537,000. In the third quarter, Icon Wealth Advisors LLC increased its stake in BlackLine by an impressive 307.5%, now owning 16,452 shares valued at $907,000 after acquiring 12,415 additional shares. Similarly, Susquehanna Fundamental Investments LLC lifted its stake by 430.5% during the second quarter, holding 90,403 shares valued at $4,380,000 post-acquisition. Victory Capital Management Inc. also raised its position by 61.9% in the third quarter, now owning 25,677 shares worth $1,416,000. Notably, hedge funds and other institutional investors collectively own 95.13% of BlackLine's stock.

BlackLine Stock Performance

As of Friday, shares of BlackLine traded at $64.80, reflecting a 0.2% increase. The company has a debt-to-equity ratio of 2.42 and a current ratio of 2.69, indicating its financial health. BlackLine's shares have experienced a yearly range with a low of $43.37 and a high of $69.31. Currently, the firm boasts a market capitalization of $4.05 billion, a P/E ratio of 66.12, a price-to-earnings-growth ratio of 15.18, and a beta of 0.90.

Analysts Update Price Targets

Market analysts have recently reviewed BlackLine's stock and updated their price targets. JPMorgan Chase raised its price target from $47.00 to $50.00, giving the stock an “underweight” rating in a research note dated October 25. Conversely, Morgan Stanley increased its price target from $70.00 to $80.00, rating it as “overweight.” JMP Securities raised its price target from $81.00 to $86.00, issuing a “market outperform” rating on November 22. Piper Sandler, maintaining a “neutral” rating, issued a price target of $60.00 on November 20. Additionally, Truist Financial lifted its target to $60.00 from $55.00, categorizing the stock as a “hold.” Overall, the stock has two sell ratings, six hold ratings, and four buy ratings. The average rating stands at “Hold” with a consensus price target of $64.10 according to data from MarketBeat.com.

Insider Transactions

In insider trading news, Karole Morgan-Prager, an insider, sold 27,079 shares of BlackLine on October 18, at an average price of $60.06, resulting in a total sale of $1,626,364.74. Post-transaction, Morgan-Prager holds 113,865 shares valued at approximately $6,838,731.90. This transaction represented a 19.21% reduction in their ownership. Additionally, CFO Mark Partin sold 5,648 shares on September 27 at an average price of $53.00, totaling $299,344. Following this, Partin still owns 226,844 shares worth about $12,022,732, reflecting a 2.43% decrease in ownership. Over the last three months, corporate insiders have sold a total of 134,108 shares, valued at approximately $7,488,826, with current insider ownership at 9.93%.

Company Overview

BlackLine, Inc. specializes in providing cloud-based solutions aimed at automating and improving accounting and finance operations globally. The company’s offerings include solutions for financial close management such as account reconciliations, transaction matching, task management, and financial reporting analytics.

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