Barclays PLC Raises Holdings in Backblaze, Inc. (NASDAQ:BLZE)

Barclays PLC increased its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE) by 124.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,205 shares of the company’s stock after purchasing an additional 43,354 shares during the period. Barclays PLC’s holdings in Backblaze were worth $500,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BLZE. Verition Fund Management LLC boosted its stake in shares of Backblaze by 15.4% during the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Backblaze in the 2nd quarter valued at about $102,000. MetLife Investment Management LLC lifted its holdings in Backblaze by 129.1% in 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 acquired a new stake in shares of Backblaze during the 3rd quarter worth about $157,000. Finally, Jane Street Group LLC purchased a new stake in shares of Backblaze during the third quarter worth about $159,000. 54.03% of the stock is currently owned by hedge funds and other institutional investors.

Backblaze Price Performance

Shares of BLZE opened at $6.10 on Friday. The firm has a market capitalization of $270.84 million, a price-to-earnings ratio of -5.50 and a beta of 0.91. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Backblaze, Inc. has a one year low of $4.91 and a one year high of $12.65. The stock’s fifty day moving average is $6.72 and its 200-day moving average is $6.44.

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

Insiders Place Their Bets

In other Backblaze news, VP Tina Cessna sold 8,874 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the transaction, the vice president now owns 144,566 shares of the company’s stock, valued at approximately $928,113.72. The trade was a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gleb Budman sold 10,321 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares in the company, valued at approximately $11,971,027.32. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BLZE shares. Raymond James raised 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. Craig Hallum increased their target price on Backblaze from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, October 21st.

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.