Barclays PLC Raises Stock Position in Backblaze, Inc. (NASDAQ:BLZE)

Barclays PLC raised its position in shares of Backblaze, Inc. (NASDAQ:BLZE) by 124.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,205 shares of the company’s stock after buying an additional 43,354 shares during the quarter. Barclays PLC owned about 0.18% of Backblaze worth $500,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. XTX Topco Ltd raised its holdings in Backblaze by 108.1% in the third quarter. XTX Topco Ltd now owns 72,520 shares of the company’s stock worth $463,000 after buying an additional 37,669 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Backblaze during the 3rd quarter valued at $159,000. State Street Corp lifted its position in shares of Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after buying an additional 138,917 shares in the last quarter. Atom Investors LP grew its stake in shares of Backblaze by 27.2% during the 3rd quarter. Atom Investors LP now owns 57,221 shares of the company’s stock valued at $366,000 after acquiring an additional 12,230 shares during the period. Finally, Scalar Gauge Management LLC increased its holdings in Backblaze by 19.9% in the 3rd quarter. Scalar Gauge Management LLC now owns 300,887 shares of the company’s stock worth $1,923,000 after acquiring an additional 50,000 shares in the last quarter. Institutional investors own 54.03% of the company’s stock.

Insider Buying and Selling

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

Backblaze Stock Up 1.3 %

NASDAQ:BLZE opened at $6.10 on Friday. The company has a market cap of $270.84 million, a price-to-earnings ratio of -5.50 and a beta of 0.91. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a fifty day simple moving average of $6.72 and a 200-day simple moving average of $6.44.

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

Analysts Set New Price Targets

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

Backblaze 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.