Backblaze, Inc. (NASDAQ:BLZE) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 50.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 510,395 shares of the company's stock after acquiring an additional 170,513 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 1.15% of Backblaze worth $3,073,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BLZE. R Squared Ltd acquired a new position in shares of Backblaze during the fourth quarter worth about $38,000. Verition Fund Management LLC grew its stake in shares of Backblaze by 15.4% during the 3rd 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. SG Americas Securities LLC lifted its stake in shares of Backblaze by 46.7% in the 4th quarter. SG Americas Securities LLC now owns 19,853 shares of the company's stock valued at $120,000 after purchasing an additional 6,322 shares in the last quarter. MetLife Investment Management LLC lifted its stake in shares of Backblaze by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 24,275 shares of the company's stock valued at $155,000 after purchasing an additional 13,678 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in Backblaze during the 3rd quarter worth approximately $159,000. 54.03% of the stock is owned by hedge funds and other institutional investors.

Backblaze Stock Down 0.4 %

BLZE stock traded down $0.02 during midday trading on Friday, hitting $5.40. 1,367,461 shares of the company's stock were exchanged, compared to its average volume of 359,932. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze, Inc. has a 12-month low of $4.91 and a 12-month high of $10.84. The firm has a 50 day moving average price of $6.28 and a 200-day moving average price of $6.48. The stock has a market capitalization of $239.76 million, a price-to-earnings ratio of -4.86 and a beta of 0.89.

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Analyst Ratings Changes

Several equities analysts recently commented on BLZE shares. B. Riley reduced their price target on Backblaze from $11.50 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, February 18th. Needham & Company LLC initiated coverage on Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 price target on the stock. Finally, Lake Street Capital dropped their price objective on Backblaze from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Backblaze has an average rating of "Buy" and an average price target of $10.83.

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.