Charles Schwab Investment Management Inc. Grows Stock Position in Backblaze, Inc. (NASDAQ:BLZE)

Charles Schwab Investment Management Inc. increased its position in Backblaze, Inc. (NASDAQ:BLZE) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,156 shares of the company’s stock after acquiring an additional 5,098 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.28% of Backblaze worth $755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Eagle Investment Management LLC boosted its stake in shares of Backblaze by 50.6% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock worth $6,742,000 after acquiring an additional 367,500 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Backblaze by 45.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after buying an additional 106,285 shares in the last quarter. Scalar Gauge Management LLC boosted its stake in Backblaze by 6.4% during the second quarter. Scalar Gauge Management LLC now owns 250,887 shares of the company’s stock worth $1,545,000 after buying an additional 15,000 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Backblaze in the third quarter valued at about $944,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Backblaze during the 2nd quarter valued at approximately $701,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Backblaze Stock Down 6.0 %

Shares of Backblaze stock opened at $6.42 on Thursday. 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 business has a 50-day moving average of $6.93 and a 200-day moving average of $6.43. The company has a market capitalization of $285.05 million, a PE ratio of -5.78 and a beta of 0.91. Backblaze, Inc. has a 1-year low of $4.91 and a 1-year high of $12.65.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $32.54 million. During the same quarter last year, the firm posted ($0.43) EPS. As a group, equities analysts forecast that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Insider Activity

In related news, CEO Gleb Budman sold 10,321 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $66,260.82. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Tina Cessna sold 8,874 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction 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 disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on BLZE shares. Raymond James raised their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Craig Hallum lifted their price target on shares of Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 21st.

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.