637,175 Shares in BLACKLINE INC (BL) Purchased by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC bought a new position in shares of BLACKLINE INC (NASDAQ:BL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 637,175 shares of the technology company’s stock, valued at approximately $21,740,000. Conestoga Capital Advisors LLC owned 1.21% of BLACKLINE INC at the end of the most recent reporting period.

Separately, Fortaleza Asset Management Inc. raised its stake in shares of BLACKLINE INC by 98.2% in the 3rd quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock valued at $212,000 after acquiring an additional 3,080 shares during the period. 78.82% of the stock is currently owned by institutional investors.

In other news, CEO Therese Tucker sold 20,000 shares of BLACKLINE INC stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $29.12, for a total transaction of $582,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mario Spanicciati sold 10,625 shares of BLACKLINE INC stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $29.88, for a total transaction of $317,475.00. The disclosure for this sale can be found here. Insiders have sold 162,375 shares of company stock worth $5,191,185 in the last quarter. Insiders own 22.35% of the company’s stock.

BLACKLINE INC (NASDAQ:BL) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.12. BLACKLINE INC had a negative net margin of 27.89% and a negative return on equity of 6.54%. The firm had revenue of $42.30 million for the quarter, compared to analyst estimates of $41.45 million. The company’s revenue was up 45.9% compared to the same quarter last year.

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BL has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of BLACKLINE INC from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. BidaskClub raised shares of BLACKLINE INC from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 14th. KeyCorp reaffirmed a “buy” rating and set a $39.00 target price on shares of BLACKLINE INC in a research note on Sunday, October 22nd. Finally, Robert W. Baird set a $42.00 target price on shares of BLACKLINE INC and gave the stock a “buy” rating in a research note on Sunday, October 1st. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $36.67.

BLACKLINE INC Profile

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

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