State Street Corp Raises Stake in Backblaze, Inc. (NASDAQ:BLZE)

State Street Corp lifted its position in shares of Backblaze, Inc. (NASDAQ:BLZE) by 29.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 606,313 shares of the company’s stock after buying an additional 138,917 shares during the period. State Street Corp owned 1.41% of Backblaze worth $3,874,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in shares of Backblaze during the 2nd quarter worth $701,000. Rhumbline Advisers increased its stake in Backblaze by 3,750.3% in the second quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock valued at $292,000 after purchasing an additional 46,241 shares during the last quarter. ClariVest Asset Management LLC lifted its position in Backblaze by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock worth $465,000 after buying an additional 2,154 shares during the period. First Eagle Investment Management LLC boosted its stake in Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after buying an additional 367,500 shares during the last quarter. Finally, XTX Topco Ltd grew its holdings in Backblaze by 90.7% in the 2nd quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock valued at $215,000 after buying an additional 16,577 shares during the period. Institutional investors and hedge funds own 54.03% of the company’s stock.

Insider Activity at Backblaze

In other news, VP Tina Cessna sold 8,874 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the sale, the vice president now owns 144,566 shares in the company, valued at approximately $928,113.72. This trade represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gleb Budman sold 10,321 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares in the company, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BLZE. Craig Hallum increased their price objective on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Raymond James upped their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Backblaze Stock Performance

Backblaze stock opened at $6.12 on Tuesday. The company has a market cap of $271.73 million, a price-to-earnings ratio of -5.51 and a beta of 0.91. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock’s 50-day moving average is $6.80 and its 200-day moving average is $6.44.

Backblaze (NASDAQ:BLZE) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. The business had revenue of $32.59 million during the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter in the previous year, the business posted ($0.43) EPS. Equities analysts anticipate that Backblaze, Inc. will post -1.02 earnings per share for the current year.

Backblaze Company Profile

Backblaze, Inc, a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases.