Backblaze, Inc. (NASDAQ:BLZE) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 241.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,320 shares of the company's stock after purchasing an additional 88,652 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.28% of Backblaze worth $801,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC purchased a new stake in Backblaze in the third quarter valued at $944,000. State Street Corp increased its position in shares of Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company's stock worth $3,874,000 after purchasing an additional 138,917 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Backblaze by 45.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 339,882 shares of the company's stock valued at $2,172,000 after purchasing an additional 106,285 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Backblaze in the 3rd quarter valued at about $640,000. Finally, Scalar Gauge Management LLC boosted its position in shares of Backblaze by 19.9% in the 3rd quarter. Scalar Gauge Management LLC now owns 300,887 shares of the company's stock valued at $1,923,000 after purchasing an additional 50,000 shares during the period. 54.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Backblaze Price Performance

BLZE stock traded down $0.30 on Monday, reaching $6.11. 279,723 shares of the company's stock were exchanged, compared to its average volume of 227,701. The stock has a fifty day moving average of $6.43 and a 200-day moving average of $6.48. The firm has a market cap of $271.28 million, a PE ratio of -5.50 and a beta of 0.92. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $12.65.

Backblaze (NASDAQ:BLZE - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.18). The company had revenue of $32.59 million for the quarter, compared to analyst estimates of $32.54 million. Backblaze had a negative return on equity of 100.67% and a negative net margin of 37.13%. During the same period last year, the company earned ($0.43) earnings per share. As a group, equities analysts predict that Backblaze, Inc. will post -1.02 EPS for the current fiscal year.

Insider Activity

In other Backblaze news, VP Tina Cessna sold 8,874 shares of Backblaze stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total value of $56,971.08. Following the completion of the sale, the vice president now owns 144,566 shares in the company, valued at $928,113.72. The trade was 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 that occurred on Tuesday, November 26th. The stock was sold at an average price of $6.42, for a total transaction of $66,260.82. Following the transaction, the chief executive officer now directly owns 1,864,646 shares of the company's stock, valued at $11,971,027.32. This trade represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.20% of the company's stock.

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.