Backblaze, Inc. $BLZE Stake Increased by Halter Ferguson Financial Inc.

Key Points

• Halter Ferguson Financial increased its Backblaze stake by 176.7% in the third quarter, owning 1.27 million shares worth approximately $17.7 million, or 2.05% of the company. Institutional investors and hedge funds collectively hold 54.03% of BLZE.
• Backblaze reported quarterly revenue of $42.71 million and earnings per share of $0.08, beating analyst estimates of $39.94 million and $0.02, respectively, although the company remained unprofitable.
• Analyst sentiment was broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $19.71. The company’s CEO and CFO sold shares to cover tax obligations related to vested equity awards.

Halter Ferguson Financial Inc. increased its stake in shares of Backblaze, Inc. (NASDAQ:BLZE - Free Report) by 176.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,266,421 shares of the company's stock after buying an additional 808,668 shares during the period. Backblaze comprises 3.1% of Halter Ferguson Financial Inc.'s portfolio, making the stock its 10th largest holding. Halter Ferguson Financial Inc. owned 2.05% of Backblaze worth $17,717,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BLZE. AWM Investment Company Inc. purchased a new stake in shares of Backblaze during the 2nd quarter worth approximately $22,207,000. Renaissance Technologies LLC grew its holdings in shares of Backblaze by 44.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,172,657 shares of the company's stock worth $4,046,000 after acquiring an additional 361,905 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Backblaze by 152.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 517,586 shares of the company's stock worth $1,785,000 after acquiring an additional 312,459 shares during the period. Perkins Capital Management Inc. grew its holdings in shares of Backblaze by 21.6% in the 1st quarter. Perkins Capital Management Inc. now owns 339,025 shares of the company's stock worth $1,170,000 after acquiring an additional 60,250 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Backblaze by 56.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 300,504 shares of the company's stock valued at $1,037,000 after purchasing an additional 107,876 shares in the last quarter. 54.03% of the stock is currently owned by institutional investors and hedge funds.

Backblaze Stock Performance

Shares of BLZE opened at $9.34 on Thursday. Backblaze, Inc. has a 12-month low of $3.26 and a 12-month high of $23.99. The stock has a market cap of $578.15 million, a P/E ratio of -27.47 and a beta of 1.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average of $13.75 and a two-hundred day moving average of $11.26.

Backblaze (NASDAQ:BLZE - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. Backblaze had a negative net margin of 13.07% and a negative return on equity of 16.73%. The business had revenue of $42.71 million for the quarter, compared to analyst estimates of $39.94 million. As a group, research analysts predict that Backblaze, Inc. will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Marc Suidan sold 2,110 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $15.82, for a total value of $33,380.20. Following the sale, the chief financial officer owned 349,518 shares of the company's stock, valued at approximately $5,529,374.76. This represents a 0.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gleb Budman sold 12,855 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $15.82, for a total value of $203,366.10. Following the sale, the chief executive officer owned 2,192,103 shares in the company, valued at approximately $34,679,069.46. This trade represents a 0.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BLZE has been the subject of several research reports. Citizens Jmp lifted their price objective on Backblaze from $16.00 to $21.00 and gave the stock a "market outperform" rating in a report on Tuesday, August 4th. William Blair reiterated a "market perform" rating on shares of Backblaze in a research report on Friday, October 2nd. Weiss Ratings reissued a "sell (e+)" rating on shares of Backblaze in a report on Wednesday, August 12th. Lake Street Capital restated a "buy" rating and issued a $21.00 price target on shares of Backblaze in a research report on Tuesday, August 4th. Finally, B. Riley Financial raised their price target on Backblaze from $16.00 to $24.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Backblaze presently has a consensus rating of "Moderate Buy" and an average target price of $19.71.

Backblaze Profile

Backblaze, Inc provides cloud storage and data backup services for businesses, developers and individual users. The company's offerings are designed to help customers protect, store, manage and access data without maintaining their own extensive storage infrastructure.

Its primary products include Backblaze Computer Backup, a subscription service that automatically backs up data from computers, and Backblaze B2 Cloud Storage, an object-storage platform used for applications such as backup, archiving, content storage and media workflows.

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