BlackLine, Inc. (NASDAQ:BL) Shares Purchased by Scalar Gauge Management LLC

Scalar Gauge Management LLC raised its position in BlackLine, Inc. (NASDAQ:BL) by 44.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 65,000 shares of the technology company’s stock after purchasing an additional 20,000 shares during the period. BlackLine comprises approximately 1.9% of Scalar Gauge Management LLC’s portfolio, making the stock its 15th biggest holding. Scalar Gauge Management LLC’s holdings in BlackLine were worth $3,584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Engaged Capital LLC purchased a new stake in BlackLine in the 3rd quarter valued at approximately $33,620,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of BlackLine by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,072 shares of the technology company’s stock worth $6,566,000 after acquiring an additional 753 shares during the last quarter. Glenmede Trust Co. NA lifted its position in shares of BlackLine by 21.5% in the third quarter. Glenmede Trust Co. NA now owns 17,801 shares of the technology company’s stock valued at $982,000 after acquiring an additional 3,151 shares in the last quarter. Hardy Reed LLC acquired a new stake in shares of BlackLine during the third quarter valued at $244,000. Finally, FMR LLC increased its position in BlackLine by 1.3% during the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after purchasing an additional 64,435 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Trading Up 0.2 %

NASDAQ BL opened at $62.01 on Friday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine, Inc. has a one year low of $43.37 and a one year high of $69.31. The company’s 50 day moving average price is $57.37 and its 200 day moving average price is $51.87. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of 63.28, a PEG ratio of 14.53 and a beta of 0.90.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BL shares. JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. BTIG Research reduced their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird decreased their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley boosted their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine has an average rating of “Hold” and an average target price of $64.10.

Insider Activity

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,022,732. This trade represents a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on 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 sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,108 shares of company stock valued at $7,488,826. Company insiders own 9.93% of the company’s stock.

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.