Los Angeles Capital Management LLC Acquires 89,501 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Los Angeles Capital Management LLC grew its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 60.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,298 shares of the company's stock after purchasing an additional 89,501 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.53% of Backblaze worth $1,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Backblaze by 241.8% in the third quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company's stock worth $801,000 after acquiring an additional 88,652 shares during the period. State Street Corp lifted its position in Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company's stock valued at $3,874,000 after purchasing an additional 138,917 shares in the last quarter. Geode Capital Management LLC grew its holdings in Backblaze by 2.6% during the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company's stock valued at $5,525,000 after purchasing an additional 21,593 shares during the period. Barclays PLC increased its position in Backblaze by 124.4% in the third quarter. Barclays PLC now owns 78,205 shares of the company's stock worth $500,000 after buying an additional 43,354 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Backblaze in the third quarter worth about $159,000. Institutional investors own 54.03% of the company's stock.

Backblaze Trading Up 3.1 %

NASDAQ:BLZE traded up $0.19 during midday trading on Tuesday, hitting $6.20. 482,532 shares of the company traded hands, compared to its average volume of 352,240. The firm has a market capitalization of $275.10 million, a P/E ratio of -5.57 and a beta of 0.92. The firm's fifty day moving average is $6.51 and its 200-day moving average is $6.57. Backblaze, Inc. has a 12-month low of $4.91 and a 12-month high of $12.65. 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

BLZE has been the subject of several recent analyst reports. Lake Street Capital dropped their target price on shares of Backblaze from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. B. Riley cut their target price on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, February 18th. Finally, Raymond James increased their price objective on shares of Backblaze from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Backblaze currently has an average rating of "Buy" and a consensus target price of $11.40.

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.