AJOVista LLC Purchases New Position in Backblaze, Inc. (NASDAQ:BLZE)

AJOVista LLC bought a new stake in Backblaze, Inc. (NASDAQ:BLZE) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 8,883 shares of the company’s stock, valued at approximately $67,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cutler Group LLC CA increased its position in shares of Backblaze by 553.0% during the 4th quarter. Cutler Group LLC CA now owns 3,918 shares of the company’s stock valued at $29,000 after purchasing an additional 3,318 shares during the last quarter. Jump Financial LLC bought a new position in shares of Backblaze during the 3rd quarter valued at approximately $121,000. Barclays PLC lifted its stake in Backblaze by 183.0% in the third quarter. Barclays PLC now owns 51,168 shares of the company’s stock valued at $281,000 after purchasing an additional 33,085 shares during the last quarter. Citigroup Inc. bought a new position in Backblaze during the third quarter valued at $324,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Backblaze by 193.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 72,562 shares of the company’s stock worth $399,000 after buying an additional 47,834 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Insider Activity at Backblaze

In other Backblaze news, CFO Francis P. Patchel sold 2,396 shares of Backblaze stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total transaction of $25,996.60. Following the completion of the sale, the chief financial officer now owns 184,165 shares of the company’s stock, valued at $1,998,190.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Gleb Budman sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $10.66, for a total value of $533,000.00. Following the transaction, the chief executive officer now directly owns 1,698,715 shares of the company’s stock, valued at approximately $18,108,301.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Francis P. Patchel sold 2,396 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $10.85, for a total value of $25,996.60. Following the completion of the transaction, the chief financial officer now owns 184,165 shares of the company’s stock, valued at approximately $1,998,190.25. The disclosure for this sale can be found here. Insiders have sold a total of 81,429 shares of company stock valued at $851,676 over the last 90 days. 5.20% of the stock is owned by insiders.

Backblaze Price Performance

NASDAQ BLZE traded up $0.01 on Friday, hitting $9.39. The stock had a trading volume of 193,414 shares, compared to its average volume of 196,572. The company has a market capitalization of $386.87 million, a price-to-earnings ratio of -5.69 and a beta of 1.21. Backblaze, Inc. has a 52-week low of $3.50 and a 52-week high of $12.65. The firm has a 50-day moving average of $10.08 and a 200-day moving average of $8.30. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.67 and a current ratio of 0.67.

Backblaze (NASDAQ:BLZE) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. The firm had revenue of $28.74 million for the quarter, compared to analysts’ expectations of $28.18 million. Backblaze had a negative return on equity of 105.94% and a negative net margin of 57.70%. Equities analysts expect that Backblaze, Inc. will post -1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BLZE shares. Oppenheimer lifted their target price on shares of Backblaze from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. B. Riley increased their target price on Backblaze from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Raymond James lifted their price target on Backblaze from $12.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, February 16th.

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.