Perkins Capital Management Inc. lifted its position in shares of Backblaze, Inc. (NASDAQ:BLZE – Free Report) by 21.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 339,025 shares of the company’s stock after purchasing an additional 60,250 shares during the period. Backblaze comprises 1.1% of Perkins Capital Management Inc.’s portfolio, making the stock its 26th largest position. Perkins Capital Management Inc. owned 0.56% of Backblaze worth $1,170,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada increased its stake in Backblaze by 1,388.2% during the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company’s stock worth $26,000 after buying an additional 5,178 shares during the period. ProShare Advisors LLC purchased a new position in Backblaze in the 4th quarter valued at about $47,000. Oxford Asset Management LLP purchased a new position in Backblaze in the 4th quarter valued at about $47,000. M&T Bank Corp acquired a new stake in shares of Backblaze during the fourth quarter valued at about $49,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Backblaze during the second quarter valued at about $58,000. 54.03% of the stock is currently owned by hedge funds and other institutional investors.
Backblaze Trading Up 5.9%
Shares of NASDAQ BLZE opened at $15.86 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average price is $7.83 and its two-hundred day moving average price is $5.50. Backblaze, Inc. has a 52-week low of $3.26 and a 52-week high of $16.05. The stock has a market capitalization of $953.19 million, a P/E ratio of -40.67 and a beta of 1.72.
Analyst Upgrades and Downgrades
Several research firms recently commented on BLZE. William Blair upgraded Backblaze from an “underperform” rating to a “market perform” rating in a research note on Tuesday, June 23rd. Weiss Ratings downgraded Backblaze from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 15th. Craig Hallum raised Backblaze from a “hold” rating to a “buy” rating and upped their target price for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Citigroup reiterated an “outperform” rating on shares of Backblaze in a research note on Wednesday, June 24th. Finally, Needham & Company LLC raised their price target on shares of Backblaze from $8.50 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.93.
Read Our Latest Report on Backblaze
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. 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.
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