ProShare Advisors LLC Purchases New Shares in Backblaze, Inc. $BLZE

ProShare Advisors LLC acquired a new stake in Backblaze, Inc. (NASDAQ:BLZE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,983 shares of the company’s stock, valued at approximately $60,000.

Several other institutional investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in Backblaze by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 261,610 shares of the company’s stock worth $1,264,000 after purchasing an additional 55,720 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Backblaze by 95.4% in the 1st quarter. Hsbc Holdings PLC now owns 70,955 shares of the company’s stock worth $341,000 after acquiring an additional 34,635 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of Backblaze by 8.6% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,157,390 shares of the company’s stock worth $6,366,000 after purchasing an additional 92,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Backblaze by 14.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 794,590 shares of the company’s stock valued at $4,370,000 after purchasing an additional 98,071 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Backblaze in the 1st quarter valued at approximately $351,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BLZE shares. Needham & Company LLC dropped their price objective on Backblaze from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Raymond James Financial restated an “outperform” rating on shares of Backblaze in a report on Thursday, November 6th. Oppenheimer increased their target price on shares of Backblaze from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Backblaze in a research note on Wednesday, October 8th. Finally, JMP Securities upped their price objective on Backblaze from $7.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Backblaze Trading Up 0.9%

NASDAQ BLZE opened at $4.60 on Wednesday. Backblaze, Inc. has a 52 week low of $3.94 and a 52 week high of $10.86. The firm has a 50 day moving average of $8.47 and a two-hundred day moving average of $7.08. The stock has a market capitalization of $265.42 million, a PE ratio of -5.17 and a beta of 1.24. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.24.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. The business had revenue of $37.16 million during the quarter, compared to analysts’ expectations of $36.93 million. Backblaze had a negative net margin of 31.72% and a negative return on equity of 54.88%. As a group, research analysts expect that Backblaze, Inc. will post -1.02 EPS for the current fiscal 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.