JPMorgan Chase & Co. boosted its stake in shares of Backblaze, Inc. (NASDAQ:BLZE – Free Report) by 241.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,320 shares of the company’s stock after buying an additional 88,652 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.28% of Backblaze worth $801,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Verition Fund Management LLC increased its position in shares of Backblaze by 15.4% during the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company’s stock worth $101,000 after acquiring an additional 2,106 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Backblaze during the 2nd quarter worth $102,000. MetLife Investment Management LLC raised its position in Backblaze by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company’s stock valued at $155,000 after purchasing an additional 13,678 shares in the last quarter. Tempus Wealth Planning LLC bought a new stake in Backblaze during the 3rd quarter valued at $157,000. Finally, Jane Street Group LLC purchased a new stake in shares of Backblaze in the 3rd quarter worth $159,000. 54.03% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
BLZE has been the topic of several research reports. Raymond James raised their price target on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Craig Hallum raised their target price 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.
Backblaze Trading Up 1.3 %
Shares of NASDAQ:BLZE opened at $6.41 on Monday. The company has a market capitalization of $284.60 million, a PE ratio of -5.77 and a beta of 0.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze, Inc. has a 12-month low of $4.91 and a 12-month high of $12.65. The business’s fifty day simple moving average is $6.43 and its 200-day simple moving average is $6.48.
Backblaze (NASDAQ:BLZE – Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $32.54 million. During the same quarter last year, the firm earned ($0.43) EPS. As a group, equities research analysts predict that Backblaze, Inc. will post -1.02 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Backblaze news, CEO Gleb Budman sold 10,321 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 value of $66,260.82. Following the completion of the sale, the chief executive officer now owns 1,864,646 shares of the company’s stock, valued at approximately $11,971,027.32. This trade represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Tina Cessna sold 8,874 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $6.42, for a total transaction of $56,971.08. Following the transaction, the vice president now owns 144,566 shares in the company, valued at approximately $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 currently owned by company insiders.
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.
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