Backblaze, Inc. $BLZE Position Raised by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Backblaze position by 56% in the first quarter, bringing its holdings to 300,504 shares worth approximately $1.04 million. Institutional investors collectively own 54.03% of the company.
• Analyst sentiment remains generally positive, with eight Buy ratings, one Hold, and one Sell; Backblaze has a consensus “Moderate Buy” rating and an average price target of $19.71.
• Backblaze recently exceeded quarterly expectations, reporting $0.08 in EPS versus a $0.02 estimate and $42.71 million in revenue versus a $39.94 million forecast. Shares opened at $18.11, while the company remains unprofitable with a negative net margin.

Arrowstreet Capital Limited Partnership boosted its position in Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 56.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 300,504 shares of the company's stock after purchasing an additional 107,876 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.50% of Backblaze worth $1,037,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of Backblaze by 1,388.2% in the 4th quarter. Royal Bank of Canada now owns 5,551 shares of the company's stock worth $26,000 after buying an additional 5,178 shares in the last quarter. ProShare Advisors LLC bought a new position in Backblaze during the fourth quarter valued at about $47,000. Oxford Asset Management LLP bought a new position in Backblaze during the fourth quarter valued at about $47,000. M&T Bank Corp acquired a new position in Backblaze during the fourth quarter worth about $49,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Backblaze during the second quarter worth about $58,000. 54.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BLZE has been the subject of several research reports. Wall Street Zen lowered shares of Backblaze from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Needham & Company LLC increased their target price on shares of Backblaze from $14.00 to $23.00 and gave the company a "buy" rating in a research note on Tuesday. Citizens Jmp lifted their price target on shares of Backblaze from $16.00 to $21.00 and gave the stock a "market outperform" rating in a research report on Tuesday. Craig Hallum upgraded Backblaze from a "hold" rating to a "buy" rating and increased their price objective for the company from $6.50 to $16.00 in a research report on Tuesday, June 23rd. Finally, Citigroup restated a "market outperform" rating on shares of Backblaze in a report on Thursday, July 23rd. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Backblaze currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.71.

Backblaze Trading Down 2.7%

Shares of NASDAQ:BLZE opened at $18.11 on Friday. The firm has a fifty day moving average of $12.46 and a two-hundred day moving average of $7.42. The company has a quick ratio of 1.05, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. Backblaze, Inc. has a 12-month low of $3.26 and a 12-month high of $23.99. The firm has a market capitalization of $1.09 billion, a P/E ratio of -53.26 and a beta of 1.56.

Backblaze (NASDAQ:BLZE - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.06. The business had revenue of $42.71 million during the quarter, compared to analyst estimates of $39.94 million. Backblaze had a negative return on equity of 16.73% and a negative net margin of 13.07%. On average, equities analysts expect that Backblaze, Inc. will post -0.37 EPS for the current fiscal year.

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. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things.

Want to see what other hedge funds are holding BLZE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Backblaze, Inc. (NASDAQ:BLZE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source