129,500 Shares in Backblaze, Inc. (NASDAQ:BLZE) Bought by Norges Bank

Norges Bank purchased a new stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 129,500 shares of the company's stock, valued at approximately $780,000. Norges Bank owned 0.29% of Backblaze as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC purchased a new position in Backblaze during the fourth quarter valued at approximately $2,956,000. P.A.W. Capital Corp purchased a new position in shares of Backblaze in the 4th quarter valued at $1,926,000. Raymond James Financial Inc. bought a new position in shares of Backblaze in the 4th quarter worth $1,618,000. Perkins Capital Management Inc. lifted its stake in shares of Backblaze by 167.0% during the 4th quarter. Perkins Capital Management Inc. now owns 285,225 shares of the company's stock worth $1,717,000 after purchasing an additional 178,390 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Backblaze by 50.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company's stock valued at $3,073,000 after purchasing an additional 170,513 shares in the last quarter. Institutional investors own 54.03% of the company's stock.

Backblaze Stock Performance

Backblaze stock traded down $0.08 during mid-day trading on Thursday, reaching $4.61. 66,525 shares of the company traded hands, compared to its average volume of 427,675. The firm's fifty day moving average is $5.69 and its two-hundred day moving average is $6.30. The company has a market capitalization of $250.21 million, a price-to-earnings ratio of -4.15 and a beta of 1.02. Backblaze, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $10.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Analysts Set New Price Targets

A number of equities analysts have commented on BLZE shares. B. Riley reduced their target price on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a report on Tuesday, February 18th. Needham & Company LLC started coverage on shares of Backblaze in a research report on Tuesday, March 11th. They set a "buy" rating and a $8.00 target price for the company. Finally, Lake Street Capital cut their price target on shares of 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 MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.83.

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.