BlackLine, Inc. (NASDAQ:BL) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of BlackLine, Inc. (NASDAQ:BL) by 214.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,149 shares of the technology company’s stock after purchasing an additional 87,431 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in BlackLine were worth $7,066,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Fifth Third Bancorp increased its stake in BlackLine by 13.0% in the second 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. Arizona State Retirement System increased its stake in BlackLine by 2.3% in the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after purchasing an additional 325 shares during the period. Covestor Ltd raised its holdings in shares of BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after buying an additional 337 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of BlackLine during the first quarter worth about $36,000. Finally, Louisiana State Employees Retirement System grew its holdings in shares of BlackLine by 2.4% during the second quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock worth $1,250,000 after buying an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Mark Partin sold 5,648 shares of BlackLine 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 completion of the sale, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated 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 owns 113,865 shares in the company, valued at approximately $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BL. Truist Financial lifted their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Morgan Stanley raised their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler reissued a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research note on Wednesday. JPMorgan Chase & Co. lifted their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, JMP Securities upped their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a report on Friday. 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 company’s stock. According to MarketBeat.com, BlackLine currently has an average rating of “Hold” and a consensus price target of $64.10.

BlackLine Price Performance

BlackLine stock opened at $62.70 on Friday. The firm has a market capitalization of $3.92 billion, a PE ratio of 63.98, a P/E/G ratio of 13.54 and a beta of 0.90. BlackLine, Inc. has a 52 week low of $43.37 and a 52 week high of $69.31. The firm’s 50-day simple moving average is $56.00 and its 200 day simple moving average is $51.74. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42.

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.