Engaged Capital LLC Acquires Shares of 609,713 BlackLine, Inc. (NASDAQ:BL)

Engaged Capital LLC bought a new position in shares of BlackLine, Inc. (NASDAQ:BL) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 609,713 shares of the technology company’s stock, valued at approximately $33,620,000. BlackLine makes up about 5.5% of Engaged Capital LLC’s holdings, making the stock its 8th biggest position. Engaged Capital LLC owned about 0.98% of BlackLine as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BL. Price T Rowe Associates Inc. MD increased its holdings in BlackLine by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 30,216 shares of the technology company’s stock valued at $1,952,000 after buying an additional 2,106 shares during the period. Comerica Bank raised its holdings in shares of BlackLine by 11.8% during the 1st quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after buying an additional 13,066 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of BlackLine in the first quarter worth about $1,572,000. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine in the 1st quarter valued at approximately $907,000. Finally, Raymond James & Associates grew its holdings in shares of BlackLine by 3.3% during the 2nd quarter. Raymond James & Associates now owns 69,139 shares of the technology company’s stock valued at $3,350,000 after purchasing an additional 2,194 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Down 1.9 %

Shares of NASDAQ:BL opened at $61.88 on Friday. The firm has a market cap of $3.87 billion, a P/E ratio of 63.14, a PEG ratio of 14.53 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 business’s 50 day simple moving average is $57.17 and its two-hundred day simple moving average is $51.84. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69.

Insider Activity

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karole Morgan-Prager sold 5,773 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total transaction of $318,323.22. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at $6,278,516.10. The trade was a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,108 shares of company stock worth $7,488,826 over the last three months. 9.93% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BL shares. Robert W. Baird lowered their price target 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. JPMorgan Chase & Co. upped their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. BTIG Research cut their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler restated a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Finally, Morgan Stanley lifted their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $64.10.

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.