Barclays PLC Buys 43,354 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Barclays PLC increased its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 124.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,205 shares of the company's stock after purchasing an additional 43,354 shares during the quarter. Barclays PLC owned about 0.18% of Backblaze worth $500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Verition Fund Management LLC boosted its stake in Backblaze by 15.4% during the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company's stock valued at $101,000 after buying an additional 2,106 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of Backblaze in the 2nd quarter valued at $102,000. MetLife Investment Management LLC grew its stake in shares of Backblaze by 129.1% during the third quarter. MetLife Investment Management LLC now owns 24,275 shares of the company's stock valued at $155,000 after buying an additional 13,678 shares during the last quarter. Tempus Wealth Planning LLC purchased a new position in Backblaze in the 3rd quarter worth approximately $157,000. Finally, Jane Street Group LLC bought a new stake in Backblaze during the 3rd quarter valued at $159,000. 54.03% of the stock is currently owned by institutional investors.

Backblaze Stock Up 0.8 %

NASDAQ BLZE traded up $0.05 during mid-day trading on Friday, reaching $6.11. The stock had a trading volume of 197,829 shares, compared to its average volume of 218,192. The stock has a market cap of $271.28 million, a PE ratio of -5.50 and a beta of 0.92. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $12.65. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The company has a fifty day moving average price of $6.47 and a 200 day moving average price of $6.48.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BLZE. Craig Hallum increased their price objective on Backblaze from $10.00 to $11.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Raymond James boosted their target price on shares of Backblaze from $13.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, November 8th.

Insider Activity

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

About Backblaze

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.