Bank of New York Mellon Corp Acquires Shares of 113,757 Backblaze, Inc. (NASDAQ:BLZE)

Bank of New York Mellon Corp bought a new stake in Backblaze, Inc. (NASDAQ:BLZE) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 113,757 shares of the company’s stock, valued at approximately $701,000. Bank of New York Mellon Corp owned approximately 0.27% of Backblaze as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. First Eagle Investment Management LLC lifted its stake in shares of Backblaze by 10.2% in the 1st quarter. First Eagle Investment Management LLC now owns 726,990 shares of the company’s stock valued at $7,437,000 after acquiring an additional 67,475 shares during the last quarter. Acadian Asset Management LLC raised its position in Backblaze by 117.0% in the first quarter. Acadian Asset Management LLC now owns 689,599 shares of the company’s stock valued at $7,052,000 after purchasing an additional 371,851 shares during the last quarter. Scalar Gauge Management LLC acquired a new stake in shares of Backblaze during the fourth quarter valued at about $1,677,000. Essex Investment Management Co. LLC bought a new stake in shares of Backblaze during the first quarter worth about $2,048,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Backblaze in the first quarter valued at approximately $643,000. Institutional investors own 54.03% of the company’s stock.

Backblaze Price Performance

Shares of NASDAQ:BLZE opened at $6.27 on Monday. Backblaze, Inc. has a fifty-two week low of $4.80 and a fifty-two week high of $12.65. The company’s 50-day moving average is $6.20 and its 200 day moving average is $7.44. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $260.21 million, a P/E ratio of -4.42 and a beta of 1.01.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.13). The firm had revenue of $31.29 million for the quarter, compared to analysts’ expectations of $30.93 million. Backblaze had a negative net margin of 42.34% and a negative return on equity of 104.71%. During the same period in the prior year, the company earned ($0.38) EPS. On average, equities research analysts forecast that Backblaze, Inc. will post -0.99 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $6.79, for a total transaction of $108,640.00. Following the transaction, the director now owns 62,346 shares of the company’s stock, valued at approximately $423,329.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Backblaze news, CFO Francis P. Patchel sold 13,107 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $6.55, for a total value of $85,850.85. Following the completion of the transaction, the chief financial officer now directly owns 159,116 shares in the company, valued at approximately $1,042,209.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barbara H. Nelson sold 16,000 shares of Backblaze stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.79, for a total value of $108,640.00. Following the sale, the director now owns 62,346 shares in the company, valued at $423,329.34. The disclosure for this sale can be found here. Insiders sold a total of 47,483 shares of company stock valued at $311,530 over the last quarter. 5.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BLZE. Oppenheimer decreased their price target on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Craig Hallum increased their price objective on Backblaze from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th.

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.