First Eagle Investment Management LLC Boosts Stock Position in Backblaze, Inc. (NASDAQ:BLZE)

First Eagle Investment Management LLC raised its stake in shares of Backblaze, Inc. (NASDAQ:BLZE) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,160,390 shares of the company’s stock after acquiring an additional 49,800 shares during the period. First Eagle Investment Management LLC owned approximately 2.61% of Backblaze worth $6,986,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Thompson Siegel & Walmsley LLC purchased a new stake in Backblaze during the 4th quarter valued at approximately $2,956,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in Backblaze by 50.2% during 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 last quarter. Raymond James Financial Inc. purchased a new stake in Backblaze during the 4th quarter valued at approximately $1,618,000. Los Angeles Capital Management LLC raised its stake in shares of Backblaze by 60.6% during the 4th quarter. Los Angeles Capital Management LLC now owns 237,298 shares of the company’s stock worth $1,429,000 after buying an additional 89,501 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Backblaze by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 84,440 shares of the company’s stock valued at $508,000 after buying an additional 2,105 shares during the period. 54.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. B. Riley reduced their price target on Backblaze from $11.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, February 18th. Lake Street Capital reduced 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. Finally, Needham & Company LLC assumed coverage on Backblaze in a report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 price target for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Backblaze has a consensus rating of “Buy” and an average price target of $10.83.

Backblaze Stock Performance

Shares of BLZE stock opened at $5.18 on Friday. The stock has a fifty day moving average price of $6.36 and a 200 day moving average price of $6.50. The stock has a market cap of $229.99 million, a PE ratio of -4.67 and a beta of 0.89. Backblaze, Inc. has a 1 year low of $4.91 and a 1 year high of $10.84. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

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.