Raymond James Financial Inc. Takes $1.62 Million Position in Backblaze, Inc. (NASDAQ:BLZE)

Raymond James Financial Inc. purchased a new position in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 268,793 shares of the company's stock, valued at approximately $1,618,000. Raymond James Financial Inc. owned approximately 0.61% of Backblaze at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of Backblaze by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company's stock worth $508,000 after purchasing an additional 2,105 shares during the period. Verition Fund Management LLC grew its position in shares of Backblaze by 15.4% in the third quarter. Verition Fund Management LLC now owns 15,800 shares of the company's stock valued at $101,000 after purchasing an additional 2,106 shares during the period. Charles Schwab Investment Management Inc. increased its stake in 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 purchasing an additional 5,098 shares during the last quarter. R Squared Ltd purchased a new position in Backblaze during the fourth quarter worth about $38,000. Finally, SG Americas Securities LLC boosted its stake in Backblaze by 46.7% in the 4th quarter. SG Americas Securities LLC now owns 19,853 shares of the company's stock worth $120,000 after buying an additional 6,322 shares during the last quarter. Institutional investors and hedge funds own 54.03% of the company's stock.

Backblaze Trading Down 4.7 %

Shares of Backblaze stock traded down $0.22 during trading hours on Friday, hitting $4.51. The company's stock had a trading volume of 555,927 shares, compared to its average volume of 371,017. The business has a fifty day moving average of $6.04 and a 200 day moving average of $6.42. Backblaze, Inc. has a 1-year low of $4.33 and a 1-year high of $10.41. 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 company has a market capitalization of $244.89 million, a PE ratio of -4.06 and a beta of 1.02.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BLZE shares. B. Riley dropped their price objective on shares of Backblaze from $11.50 to $11.00 and set a "buy" rating for the company in a research note 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 price target for the company. Finally, Lake Street Capital decreased 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company 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.