Quarry LP Reduces Stock Holdings in BlackLine, Inc. (NASDAQ:BL)

Quarry LP reduced its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 29.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 468 shares of the technology company’s stock after selling 198 shares during the quarter. Quarry LP’s holdings in BlackLine were worth $26,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BL. 1620 Investment Advisors Inc. purchased a new stake in BlackLine in the second quarter worth $64,000. Covestor Ltd grew its position in shares of BlackLine by 31.9% in the 3rd 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. Fifth Third Bancorp increased its stake in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after acquiring an additional 266 shares in the last quarter. nVerses Capital LLC purchased a new position in BlackLine during the 2nd quarter valued at about $145,000. Finally, Sanctuary Advisors LLC bought a new stake in BlackLine during the second quarter worth about $220,000. 95.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Mark Partin sold 85,308 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 owns 113,865 shares in the company, valued at $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,108 shares of company stock valued at $7,488,826. Company insiders own 9.53% of the company’s stock.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $64.80 on Friday. The company has a market cap of $4.05 billion, a PE ratio of 66.12, a PEG ratio of 15.08 and a beta of 0.90. The firm’s 50-day moving average price is $59.29 and its 200-day moving average price is $52.39. BlackLine, Inc. has a 52-week low of $43.37 and a 52-week high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JMP Securities raised their target price on shares of BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Piper Sandler reissued a “neutral” rating and issued a $60.00 target price on shares of BlackLine in a report on Wednesday, November 20th. JPMorgan Chase & Co. increased their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.