Y Intercept Hong Kong Ltd Makes New Investment in BlackLine, Inc. (NASDAQ:BL)

Y Intercept Hong Kong Ltd bought a new position in BlackLine, Inc. (NASDAQ:BL) in the 3rd quarter, Holdings Channel reports. The firm bought 12,929 shares of the technology company’s stock, valued at approximately $713,000.

Several other hedge funds have also made changes to their positions in BL. Point72 DIFC Ltd bought a new position in shares of BlackLine during the second quarter valued at approximately $537,000. Icon Wealth Advisors LLC lifted its holdings in BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after buying an additional 12,415 shares during the period. Susquehanna Fundamental Investments LLC boosted its position in BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after acquiring an additional 73,362 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares during the period. Finally, Eagle Asset Management Inc. raised its position in shares of BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after acquiring an additional 86,931 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at BlackLine

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 134,108 shares of company stock worth $7,488,826 over the last quarter. Insiders own 9.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BL shares. JMP Securities raised their price objective on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Morgan Stanley raised their price target on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. JPMorgan Chase & Co. increased their target price 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. Finally, Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $64.10.

BlackLine Stock Down 1.5 %

BlackLine stock opened at $63.86 on Friday. BlackLine, Inc. has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a market cap of $3.99 billion, a PE ratio of 65.16, a PEG ratio of 15.18 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The business’s 50-day simple moving average is $59.48 and its two-hundred day simple moving average is $52.49.

BlackLine Company 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.