Perkins Capital Management Inc. Purchases 178,390 Shares of Backblaze, Inc. (NASDAQ:BLZE)

Perkins Capital Management Inc. lifted its stake in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 167.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 285,225 shares of the company's stock after acquiring an additional 178,390 shares during the period. Backblaze accounts for about 1.5% of Perkins Capital Management Inc.'s investment portfolio, making the stock its 21st largest position. Perkins Capital Management Inc. owned approximately 0.64% of Backblaze worth $1,717,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BLZE. Bank of New York Mellon Corp raised its stake in Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company's stock valued at $508,000 after purchasing an additional 2,105 shares during the last quarter. Verition Fund Management LLC increased its holdings 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 worth $101,000 after purchasing an additional 2,106 shares during the period. Quantbot Technologies LP raised its position in shares of Backblaze by 60.6% during the fourth quarter. Quantbot Technologies LP now owns 11,648 shares of the company's stock valued at $70,000 after buying an additional 4,393 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Backblaze by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 118,156 shares of the company's stock valued at $755,000 after buying an additional 5,098 shares during the period. Finally, R Squared Ltd acquired a new stake in Backblaze during the fourth quarter worth about $38,000. 54.03% of the stock is currently owned by institutional investors and hedge funds.

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Backblaze Price Performance

Shares of BLZE traded down $0.23 during mid-day trading on Friday, reaching $4.97. The company had a trading volume of 368,494 shares, compared to its average volume of 364,988. 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 market capitalization of $269.87 million, a P/E ratio of -4.48 and a beta of 0.89. Backblaze, Inc. has a twelve month low of $4.90 and a twelve month high of $10.52. The company's 50-day moving average is $6.19 and its 200-day moving average is $6.46.

Analyst Ratings Changes

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