272 Capital LP Increases Stake in BlackLine, Inc. (NASDAQ:BL)

272 Capital LP has increased its investment in BlackLine, Inc. (NASDAQ:BL) by 30.8% during the third quarter, according to the latest 13F filing with the Securities and Exchange Commission. After acquiring an additional 16,107 shares, the fund now holds a total of 68,437 shares in the technology company. This constitutes about 2.0% of 272 Capital LP's investment portfolio, making BlackLine its 18th largest holding. The value of its stake in BlackLine is approximately $3,774,000 based on the most recent filing.

Recent Changes from Other Investors

In addition to 272 Capital LP, other institutional investors have also adjusted their positions in BlackLine. For instance, Cetera Investment Advisers bought a new stake valued around $1,572,000 in the first quarter. Point72 DIFC Ltd invested approximately $537,000 in the second quarter. Furthermore, Icon Wealth Advisors LLC significantly increased its stake by 307.5% in the third quarter, owning 16,452 shares valued at $907,000 after acquiring an additional 12,415 shares. Susquehanna Fundamental Investments LLC also raised its stake by 430.5% in the second quarter, holding 90,403 shares worth $4,380,000 after purchasing 73,362 additional shares. Meanwhile, Victory Capital Management Inc. increased its stake by 61.9% in the third quarter, now owning 25,677 shares valued at $1,416,000 after acquiring 9,820 shares. Overall, hedge funds and other institutional investors own approximately 95.13% of BlackLine's stock.

Current Trading Performance

As of Friday, shares of BlackLine opened at $64.80. The company has a debt-to-equity ratio of 2.42 and a current ratio of 2.69, both indicators of its financial health. BlackLine, Inc. has recorded a one-year low of $43.37 and a one-year high of $69.31. The company’s 50-day simple moving average is $59.29, while the 200-day average is $52.39. Its market capitalization stands at $4.05 billion, with a P/E ratio of 66.12 and a price-to-earnings growth ratio of 15.18.

Analysts’ Price Targets for BlackLine

Several analysts have recently provided updated price targets for BlackLine shares. JPMorgan Chase & Co. raised its target from $47.00 to $50.00, rating the stock as "underweight." Morgan Stanley revised its target from $70.00 to $80.00, advising an "overweight" rating. JMP Securities increased the target from $81.00 to $86.00, recommending a "market outperform" rating. Piper Sandler maintained a "neutral" rating with a price objective of $60.00, while Truist Financial raised its projection from $55.00 to $60.00, giving the stock a "hold" rating. Presently, the consensus rating for BlackLine is "Hold" with an average target price of $64.10, according to analysts' evaluations.

Insider Trading Activities

In related developments, insider Karole Morgan-Prager sold 27,079 shares on October 18 at an average price of $60.06, totaling approximately $1,626,364.74. Following this transaction, Morgan-Prager now holds 113,865 shares valued at around $6,838,731.90, reflecting a 19.21% reduction in ownership. Additionally, CFO Mark Partin sold 5,648 shares on September 27 at an average price of $53.00, resulting in a total sale of about $299,344.00. After this sale, the CFO retains 226,844 shares valued at approximately $12,022,732, marking a 2.43% decrease in ownership. In recent months, corporate insiders have sold a combined total of 134,108 shares valued at approximately $7,488,826, currently holding 9.93% of BlackLine's stock.

About BlackLine, Inc.

BlackLine, Inc. provides cloud-based solutions that automate and enhance accounting and finance operations globally. The company offers various financial management tools including financial close management solutions, account reconciliations, transaction matching, task management functionalities, and financial reporting analytics designed to help analyze and validate financial data.

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