Backblaze, Inc. (NASDAQ:BLZE) Shares Acquired by State Street Corp

State Street Corp boosted its holdings in Backblaze, Inc. (NASDAQ:BLZE) by 29.7% in the third quarter, HoldingsChannel reports. The firm owned 606,313 shares of the company’s stock after purchasing an additional 138,917 shares during the period. State Street Corp’s holdings in Backblaze were worth $3,874,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. First Eagle Investment Management LLC raised its position in shares of Backblaze by 50.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,094,490 shares of the company’s stock valued at $6,742,000 after purchasing an additional 367,500 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Backblaze in the third quarter valued at $944,000. Bank of New York Mellon Corp acquired a new stake in Backblaze in the second quarter valued at $701,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Backblaze by 45.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock valued at $2,172,000 after acquiring an additional 106,285 shares during the last quarter. Finally, Cerity Partners LLC acquired a new stake in shares of Backblaze in the 3rd quarter valued at about $640,000. Institutional investors and hedge funds own 54.03% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Backblaze Stock Performance

Shares of BLZE stock opened at $6.12 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average of $6.80 and a two-hundred day moving average of $6.44. The company has a market cap of $271.73 million, a P/E ratio of -5.51 and a beta of 0.91. Backblaze, Inc. has a 52 week low of $4.91 and a 52 week high of $12.65.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data 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 net margin of 37.13% and a negative return on equity of 100.67%. The company had revenue of $32.59 million for the quarter, compared to analyst estimates of $32.54 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. As a group, analysts anticipate that Backblaze, Inc. will post -1.02 EPS for the current year.

Insider Transactions at Backblaze

In other Backblaze news, CEO Gleb Budman sold 10,321 shares of the business’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 completion of the transaction, the chief executive officer now owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. The trade was a 0.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $56,971.08. Following the transaction, the vice president now directly 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 disclosure for this sale can be found here. Insiders own 5.20% of the company’s stock.

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.