BlackLine, Inc. (NASDAQ:BL) Stock Position Increased by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC grew its position in BlackLine, Inc. (NASDAQ:BL) by 20.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,113,882 shares of the technology company’s stock after purchasing an additional 354,784 shares during the period. BlackLine makes up approximately 1.7% of Conestoga Capital Advisors LLC’s holdings, making the stock its 24th biggest position. Conestoga Capital Advisors LLC owned 3.38% of BlackLine worth $128,439,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after acquiring an additional 185 shares during the period. Tidal Investments LLC raised its holdings in BlackLine by 1.6% during the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after purchasing an additional 219 shares in the last quarter. Covestor Ltd lifted its position in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the period. Quarry LP bought a new position in BlackLine during the 2nd quarter valued at $32,000. Finally, KBC Group NV increased its position in shares of BlackLine by 44.0% during the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after purchasing an additional 666 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 9.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BL. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research note on Monday, January 6th. StockNews.com raised shares of BlackLine from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $50.00 to $75.00 in a research report on Thursday. Finally, Morgan Stanley increased their price objective on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine currently has an average rating of “Hold” and an average price target of $68.10.

BlackLine Stock Up 0.6 %

BlackLine stock opened at $63.85 on Monday. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine, Inc. has a 1-year low of $43.37 and a 1-year high of $69.31. The firm’s fifty day simple moving average is $61.56 and its 200-day simple moving average is $55.95. The company has a market capitalization of $3.99 billion, a P/E ratio of 65.15, a P/E/G ratio of 8.97 and a beta of 0.91.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.