Los Angeles Capital Management LLC Grows Position in Backblaze, Inc. (NASDAQ:BLZE)

Los Angeles Capital Management LLC increased its position in shares of Backblaze, Inc. (NASDAQ:BLZE) by 60.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 237,298 shares of the company’s stock after buying an additional 89,501 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Backblaze were worth $1,429,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BLZE. P.A.W. Capital Corp purchased a new position in Backblaze during the 4th quarter worth approximately $1,926,000. State Street Corp grew its stake in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after buying an additional 138,917 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Backblaze by 45.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company’s stock worth $2,172,000 after buying an additional 106,285 shares during the last quarter. Cerity Partners LLC purchased a new position in Backblaze during the 3rd quarter worth approximately $640,000. Finally, JPMorgan Chase & Co. grew its stake in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after buying an additional 88,652 shares during the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Backblaze Trading Up 1.2 %

Shares of BLZE stock opened at $6.54 on Friday. The business’s 50 day moving average is $6.52 and its two-hundred day moving average is $6.57. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65. The company has a market capitalization of $290.38 million, a P/E ratio of -5.89 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. B. Riley dropped their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, February 18th. Raymond James lifted their target price on Backblaze from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Lake Street Capital lowered their target price on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $11.40.

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.