Backblaze, Inc. (NASDAQ:BLZE) Shares Purchased by First Eagle Investment Management LLC

First Eagle Investment Management LLC grew its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 4.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,160,390 shares of the company’s stock after acquiring an additional 49,800 shares during the quarter. First Eagle Investment Management LLC’s holdings in Backblaze were worth $6,986,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in Backblaze by 2.6% during the third quarter. Geode Capital Management LLC now owns 864,562 shares of the company’s stock worth $5,525,000 after buying an additional 21,593 shares in the last quarter. State Street Corp increased its position in Backblaze by 29.7% during the third quarter. State Street Corp now owns 606,313 shares of the company’s stock worth $3,874,000 after buying an additional 138,917 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased 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 worth $3,073,000 after buying an additional 170,513 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in Backblaze during the fourth quarter worth $2,956,000. Finally, P.A.W. Capital Corp purchased a new position in Backblaze during the fourth quarter worth $1,926,000. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BLZE. Lake Street Capital lowered their price objective on Backblaze from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Needham & Company LLC began coverage on Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, B. Riley lowered their price objective 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 MarketBeat.com, Backblaze presently has a consensus rating of “Buy” and a consensus target price of $10.83.

Backblaze Price Performance

Shares of Backblaze stock opened at $5.18 on Friday. Backblaze, Inc. has a twelve month low of $4.91 and a twelve month high of $10.84. The stock has a market capitalization of $229.99 million, a P/E ratio of -4.67 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The business’s fifty day moving average price is $6.36 and its 200 day moving average price is $6.50.

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.