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

Intech Investment Management LLC purchased a new position in shares of Backblaze, Inc. (NASDAQ:BLZE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 18,969 shares of the company’s stock, valued at approximately $114,000.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Backblaze by 241.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 125,320 shares of the company’s stock worth $801,000 after buying an additional 88,652 shares during the period. State Street Corp increased its position in shares of 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 acquiring an additional 138,917 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 acquiring an additional 21,593 shares during the period. Barclays PLC lifted its position in Backblaze by 124.4% in the 3rd quarter. Barclays PLC now owns 78,205 shares of the company’s stock valued at $500,000 after acquiring an additional 43,354 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in Backblaze in the 3rd quarter worth $159,000. Institutional investors own 54.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Lake Street Capital dropped their price target on Backblaze from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC assumed coverage on Backblaze in a research report on Tuesday, March 11th. They issued a “buy” rating and a $8.00 target price on the stock. Finally, B. Riley reduced their price target 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 research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $10.83.

Backblaze Price Performance

NASDAQ:BLZE opened at $5.20 on Friday. Backblaze, Inc. has a 52-week low of $4.91 and a 52-week high of $10.52. The company has a market cap of $282.36 million, a P/E 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. The stock’s 50-day simple moving average is $6.21 and its 200 day simple moving average is $6.46.

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.