BlackLine, Inc. (NASDAQ:BL) Short Interest Update

BlackLine, Inc. (NASDAQ:BL) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 4,890,000 shares, a growth of 6.1% from the October 31st total of 4,610,000 shares. Based on an average daily volume of 663,100 shares, the days-to-cover ratio is currently 7.4 days. Currently, 9.5% of the company’s shares are sold short.

Insider Activity

In other news, insider Karole Morgan-Prager sold 5,773 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total value of $318,323.22. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at $6,278,516.10. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Partin sold 5,648 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,022,732. The trade was a 2.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 134,108 shares of company stock valued at $7,488,826. 9.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackLine

Large investors have recently bought and sold shares of the stock. Tidal Investments LLC increased its holdings in shares of BlackLine by 1.6% in the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after acquiring an additional 219 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of BlackLine by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after purchasing an additional 3,498 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of BlackLine during the third quarter worth about $713,000. Pier Capital LLC lifted its holdings in shares of BlackLine by 1.3% in the 3rd quarter. Pier Capital LLC now owns 151,726 shares of the technology company’s stock valued at $8,366,000 after purchasing an additional 1,909 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of BlackLine in the 3rd quarter valued at about $1,099,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Stock Down 0.5 %

BlackLine stock traded down $0.33 during mid-day trading on Tuesday, reaching $62.04. 95,084 shares of the company’s stock were exchanged, compared to its average volume of 871,723. The company has a market cap of $3.88 billion, a P/E ratio of 63.64, a P/E/G ratio of 14.56 and a beta of 0.90. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a fifty day moving average of $57.59 and a 200-day moving average of $51.80.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BL. Truist Financial increased their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Robert W. Baird dropped 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. BTIG Research dropped their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JMP Securities lifted their price objective on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Finally, Piper Sandler reissued a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.10.

BlackLine Company 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.