Geode Capital Management LLC Purchases 21,593 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Geode Capital Management LLC raised its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 2.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 864,562 shares of the company’s stock after acquiring an additional 21,593 shares during the period. Geode Capital Management LLC’s holdings in Backblaze were worth $5,525,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BLZE. Bank of New York Mellon Corp purchased a new position in shares of Backblaze during the second quarter worth about $701,000. Rhumbline Advisers lifted its stake in Backblaze by 3,750.3% during the second quarter. Rhumbline Advisers now owns 47,474 shares of the company’s stock worth $292,000 after purchasing an additional 46,241 shares during the last quarter. ClariVest Asset Management LLC boosted its holdings in shares of Backblaze by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock worth $465,000 after purchasing an additional 2,154 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Backblaze by 50.6% during 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 during the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Backblaze by 90.7% during the 2nd quarter. XTX Topco Ltd now owns 34,851 shares of the company’s stock valued at $215,000 after buying an additional 16,577 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors.

Backblaze Trading Up 6.9 %

BLZE opened at $6.52 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $289.49 million, a price-to-earnings ratio of -5.87 and a beta of 0.91. The business has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $6.45. Backblaze, Inc. has a one year low of $4.91 and a one year high of $12.65.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.18). Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. The company had revenue of $32.59 million during the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter last year, the business earned ($0.43) earnings per share. Analysts predict that Backblaze, Inc. will post -1.02 EPS for the current year.

Insider Buying and Selling

In other Backblaze news, CEO Gleb Budman sold 10,321 shares of Backblaze stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total value of $66,260.82. Following the completion of the transaction, the chief executive officer now directly owns 1,864,646 shares of the company’s stock, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Tina Cessna sold 8,874 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $56,971.08. Following the completion of the sale, the vice president now owns 144,566 shares of the company’s stock, valued at $928,113.72. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.