Hardy Reed LLC Invests $244,000 in BlackLine, Inc. (NASDAQ:BL)

Hardy Reed LLC bought a new position in BlackLine, Inc. (NASDAQ:BL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,423 shares of the technology company’s stock, valued at approximately $244,000.

A number of other large investors have also added to or reduced their stakes in the stock. Conestoga Capital Advisors LLC increased its position in shares of BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares during the last quarter. Squarepoint Ops LLC bought a new stake in BlackLine during the second quarter valued at approximately $15,128,000. Dimensional Fund Advisors LP increased its holdings in BlackLine by 65.4% during the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after buying an additional 229,151 shares during the last quarter. Assenagon Asset Management S.A. raised its position in BlackLine by 3,027.3% in the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after acquiring an additional 217,751 shares during the period. Finally, Clearline Capital LP purchased a new position in shares of BlackLine during the 2nd quarter worth $7,673,000. Institutional investors own 95.13% of the company’s stock.

BlackLine Price Performance

Shares of BlackLine stock opened at $63.07 on Wednesday. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 64.36, a price-to-earnings-growth ratio of 14.73 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 stock has a 50 day moving average price of $56.51 and a 200-day moving average price of $51.67. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JMP Securities raised their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Morgan Stanley lifted 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. BTIG Research reduced their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Piper Sandler restated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. Finally, Robert W. Baird dropped their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Two research 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.10.

Insider Activity at BlackLine

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,108 shares of company stock worth $7,488,826. Insiders own 9.53% of the company’s stock.

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.