Intech Investment Management LLC Takes $114,000 Position in Backblaze, Inc. (NASDAQ:BLZE)

Intech Investment Management LLC acquired a new position in shares of Backblaze, Inc. (NASDAQ:BLZE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,969 shares of the company’s stock, valued at approximately $114,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Thompson Siegel & Walmsley LLC acquired a new position in Backblaze during the fourth quarter worth approximately $2,956,000. P.A.W. Capital Corp bought a new position in shares of Backblaze during the 4th quarter worth approximately $1,926,000. Raymond James Financial Inc. acquired a new position in shares of Backblaze during the 4th quarter worth approximately $1,618,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Backblaze by 50.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 510,395 shares of the company’s stock valued at $3,073,000 after acquiring an additional 170,513 shares during the period. Finally, State Street Corp lifted its holdings in Backblaze by 29.7% during the 3rd quarter. State Street Corp now owns 606,313 shares of the company’s stock valued at $3,874,000 after purchasing an additional 138,917 shares during the last quarter. 54.03% of the stock is owned by institutional investors.

Backblaze Trading Down 0.6 %

BLZE stock opened at $5.20 on Friday. The company’s 50-day simple moving average is $6.21 and its 200 day simple moving average is $6.46. Backblaze, Inc. has a 52 week low of $4.91 and a 52 week high of $10.52. The company has a market capitalization of $282.36 million, a PE ratio of -4.68 and a beta of 0.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BLZE shares. B. Riley decreased their price objective on shares of Backblaze from $11.50 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, February 18th. Needham & Company LLC assumed coverage on shares of Backblaze in a research note on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target on the stock. Finally, Lake Street Capital cut their price objective on shares of Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $10.83.

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.