Kerrisdale Advisers LLC Has $1.59 Million Stake in BlackLine, Inc. (NASDAQ:BL)

Kerrisdale Advisers LLC reduced its stake in BlackLine, Inc. (NASDAQ:BLFree Report) by 10.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,673 shares of the technology company’s stock after selling 3,360 shares during the period. Kerrisdale Advisers LLC’s holdings in BlackLine were worth $1,590,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in BL. Pinebridge Investments L.P. increased its stake in shares of BlackLine by 772.7% in the 2nd quarter. Pinebridge Investments L.P. now owns 672 shares of the technology company’s stock valued at $36,000 after acquiring an additional 595 shares in the last quarter. Quarry LP grew its position in BlackLine by 1,101.9% in the 1st quarter. Quarry LP now owns 625 shares of the technology company’s stock valued at $42,000 after purchasing an additional 573 shares during the period. Covestor Ltd boosted its holdings in BlackLine by 407.0% during the 2nd quarter. Covestor Ltd now owns 796 shares of the technology company’s stock worth $43,000 after acquiring an additional 639 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of BlackLine by 505.2% in the 3rd quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock worth $51,000 after buying an additional 773 shares during the last quarter. Finally, Operose Advisors LLC boosted its holdings in shares of BlackLine by 291.2% in the 3rd quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after buying an additional 728 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Trading Up 11.4 %

Shares of NASDAQ:BL traded up $6.67 during trading on Monday, reaching $65.38. The company’s stock had a trading volume of 2,355,231 shares, compared to its average volume of 617,620. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine, Inc. has a 12 month low of $47.26 and a 12 month high of $70.91. The firm’s 50 day simple moving average is $59.30 and its two-hundred day simple moving average is $56.98. The stock has a market capitalization of $4.02 billion, a PE ratio of -639.00, a price-to-earnings-growth ratio of 10.43 and a beta of 0.85.

Insiders Place Their Bets

In other news, Director Thomas Unterman sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $60.58, for a total transaction of $45,435.00. Following the transaction, the director now directly owns 52,220 shares of the company’s stock, valued at $3,163,487.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $60.58, for a total transaction of $45,435.00. Following the completion of the transaction, the director now directly owns 52,220 shares in the company, valued at $3,163,487.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 4,072 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $62.67, for a total transaction of $255,192.24. Following the transaction, the executive now owns 88,542 shares of the company’s stock, valued at $5,548,927.14. The disclosure for this sale can be found here. Insiders sold a total of 10,072 shares of company stock valued at $604,377 over the last 90 days. Insiders own 9.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BL has been the topic of a number of research reports. Citigroup lowered their price objective on BlackLine from $60.00 to $57.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. JMP Securities reiterated a “market outperform” rating and set a $81.00 price target on shares of BlackLine in a research report on Wednesday, February 14th. William Blair cut BlackLine from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 14th. Piper Sandler decreased their price target on BlackLine from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group upped their price target on BlackLine from $49.00 to $54.00 and gave the company a “sell” rating in a research report on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $60.90.

Get Our Latest Stock Report on BL

BlackLine Profile

(Free Report)

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 high volumes of individual transactions; and task management to create and manage processes and task lists.

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Institutional Ownership by Quarter for BlackLine (NASDAQ:BL)

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