147,797 Shares in Backblaze, Inc. (NASDAQ:BLZE) Acquired by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC acquired a new stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 147,797 shares of the company's stock, valued at approximately $944,000. Los Angeles Capital Management LLC owned 0.34% of Backblaze as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new stake in Backblaze in the 2nd quarter valued at $102,000. SG Americas Securities LLC increased its holdings in Backblaze by 84.1% during the 2nd quarter. SG Americas Securities LLC now owns 21,283 shares of the company's stock worth $131,000 after purchasing an additional 9,720 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Backblaze in the first quarter worth approximately $154,000. Tempus Wealth Planning LLC bought a new stake in Backblaze during the third quarter worth $157,000. Finally, Lazard Asset Management LLC raised its position in Backblaze by 165.7% in the 1st quarter. Lazard Asset Management LLC now owns 18,102 shares of the company's stock valued at $185,000 after buying an additional 11,289 shares during the last quarter. Institutional investors own 54.03% of the company's stock.

Insider Transactions at Backblaze

In related news, VP Tina Cessna sold 3,894 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $6.45, for a total value of $25,116.30. Following the sale, the vice president now directly owns 153,440 shares of the company's stock, valued at $989,688. This trade represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Francis P. Patchel sold 13,107 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.55, for a total transaction of $85,850.85. Following the completion of the transaction, the chief financial officer now directly owns 159,116 shares of the company's stock, valued at approximately $1,042,209.80. This represents a 7.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,483 shares of company stock valued at $202,890. 5.20% of the stock is currently owned by corporate insiders.

Backblaze Stock Performance

Backblaze stock traded down $0.28 during midday trading on Friday, reaching $6.28. The stock had a trading volume of 174,401 shares, compared to its average volume of 340,531. The firm has a market capitalization of $269.41 million, a PE ratio of -5.66 and a beta of 0.99. Backblaze, Inc. has a 12 month low of $4.91 and a 12 month high of $12.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm's 50-day moving average price is $6.73 and its 200 day moving average price is $6.61.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings data 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 business had revenue of $32.59 million during the quarter, compared to analysts' expectations of $32.54 million. Backblaze had a negative net margin of 37.13% and a negative return on equity of 100.67%. During the same quarter in the prior year, the firm posted ($0.43) earnings per share. As a group, research analysts predict that Backblaze, Inc. will post -0.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BLZE has been the topic of several analyst reports. Raymond James boosted their price target on shares of Backblaze from $13.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Oppenheimer reduced their target price on Backblaze from $11.00 to $10.00 and set an "outperform" rating for the company in a report on Friday, August 9th. Finally, Craig Hallum boosted their price objective on Backblaze from $10.00 to $11.00 and gave the stock a "buy" rating in a research report on Monday, October 21st.

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.