First Eagle Investment Management LLC Has $6.74 Million Holdings in Backblaze, Inc. (NASDAQ:BLZE)

First Eagle Investment Management LLC boosted its stake in Backblaze, Inc. (NASDAQ:BLZE) by 50.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,094,490 shares of the company’s stock after buying an additional 367,500 shares during the quarter. First Eagle Investment Management LLC owned approximately 2.64% of Backblaze worth $6,742,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. ClariVest Asset Management LLC raised its stake in shares of Backblaze by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 75,554 shares of the company’s stock valued at $465,000 after acquiring an additional 2,154 shares during the last quarter. SG Americas Securities LLC raised its position in Backblaze by 84.1% in the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company’s stock valued at $131,000 after purchasing an additional 9,720 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Backblaze in the fourth quarter worth $76,000. Lazard Asset Management LLC grew its holdings in shares of Backblaze by 165.7% during the first quarter. Lazard Asset Management LLC now owns 18,102 shares of the company’s stock worth $185,000 after purchasing an additional 11,289 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Backblaze in the first quarter valued at $154,000. 54.03% of the stock is currently owned by institutional investors.

Backblaze Price Performance

Shares of BLZE stock opened at $6.27 on Friday. The firm has a market cap of $260.21 million, a price-to-earnings ratio of -4.42 and a beta of 1.01. Backblaze, Inc. has a 12 month low of $4.80 and a 12 month high of $12.65. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.34. The stock has a 50-day moving average price of $6.20 and a 200 day moving average price of $7.50.

Backblaze (NASDAQ:BLZE) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.13). Backblaze had a negative return on equity of 104.71% and a negative net margin of 42.34%. The business had revenue of $31.29 million for the quarter, compared to analyst estimates of $30.93 million. During the same quarter in the prior year, the firm earned ($0.38) EPS. Research analysts expect that Backblaze, Inc. will post -0.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BLZE. Oppenheimer decreased their price objective on shares of Backblaze from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Craig Hallum raised their price target on shares of Backblaze from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Insider Buying and Selling at Backblaze

In related news, Director Barbara H. Nelson sold 16,000 shares of Backblaze stock in a transaction on Friday, August 16th. The stock was sold at an average price of $6.79, for a total transaction of $108,640.00. Following the completion of the sale, the director now directly owns 62,346 shares of the company’s stock, valued at $423,329.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Barbara H. Nelson sold 16,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $6.79, for a total value of $108,640.00. Following the sale, the director now directly owns 62,346 shares in the company, valued at approximately $423,329.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Francis P. Patchel sold 13,107 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $6.55, for a total transaction of $85,850.85. Following the transaction, the chief financial officer now owns 159,116 shares of the company’s stock, valued at approximately $1,042,209.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,483 shares of company stock worth $311,530. Insiders own 5.20% of the company’s stock.

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.