Backblaze, Inc. $BLZE Shares Acquired by Perkins Capital Management Inc.

Perkins Capital Management Inc. lifted its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 21.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 339,025 shares of the company’s stock after buying an additional 60,250 shares during the period. Backblaze accounts for approximately 1.1% of Perkins Capital Management Inc.’s holdings, making the stock its 26th biggest position. Perkins Capital Management Inc.’s holdings in Backblaze were worth $1,170,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Backblaze by 5.2% in the third quarter. Vanguard Group Inc. now owns 2,693,508 shares of the company’s stock worth $24,996,000 after acquiring an additional 134,034 shares during the last quarter. Wasatch Advisors LP bought a new position in shares of Backblaze during the third quarter valued at approximately $17,021,000. Pillsbury Lake Capital LLC bought a new position in shares of Backblaze during the fourth quarter valued at approximately $8,058,000. Whetstone Capital Advisors LLC raised its position in shares of Backblaze by 4.1% during the 4th quarter. Whetstone Capital Advisors LLC now owns 1,520,055 shares of the company’s stock worth $7,083,000 after purchasing an additional 59,263 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Backblaze by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 1,341,863 shares of the company’s stock worth $6,255,000 after purchasing an additional 53,583 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Analyst Upgrades and Downgrades

BLZE has been the subject of a number of analyst reports. Craig Hallum upgraded Backblaze from a “hold” rating to a “buy” rating and boosted their price objective for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Citizens Jmp increased their target price on Backblaze from $8.00 to $14.00 and gave the stock a “market outperform” rating in a research report on Wednesday, June 24th. Lake Street Capital raised their target price on Backblaze from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. William Blair raised shares of Backblaze from an “underperform” rating to a “market perform” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen downgraded shares of Backblaze from a “buy” rating to a “hold” rating in a report on Saturday. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.93.

Backblaze Stock Up 5.9%

BLZE opened at $15.86 on Wednesday. The stock’s 50 day moving average price is $7.83 and its 200 day moving average price is $5.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $953.19 million, a P/E ratio of -40.67 and a beta of 1.72. Backblaze, Inc. has a 12 month low of $3.26 and a 12 month high of $16.05.

Backblaze (NASDAQ:BLZE) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Backblaze had a negative return on equity of 20.54% and a negative net margin of 14.97%.The company had revenue of $38.67 million during the quarter, compared to analyst estimates of $37.78 million. As a group, research analysts predict that Backblaze, Inc. will post -0.37 earnings per share for the current 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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.